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Jordan ‘successfully’ completes 3rd WTO trade policy review 

By JT - Sep 30,2023 - Last updated at Sep 30,2023

Minister of Industry, Trade and Supply Yousef Shamali and officials pose for a photo during Jordan's third trade policy review under the World Trade Organization for the period 2016 to 2023 (Petra photo)

AMMAN — Jordan has "successfully" completed its third trade policy review under the World Trade Organization (WTO) for the period 2016 to 2023. 

This three-day review was chaired by Minister of Industry, Trade and Supply Yousef Shamali, who led the Jordanian delegation. 

The completion of the review reaffirms Jordan's commitment to its obligations under the multilateral trading system, as it has done since its accession to the WTO, the Jordan News Agency, Petra, reported on Friday.

According to a Ministry statement, WTO member countries expressed their appreciation of the series of reforms and trade policies that Jordan has undertaken during the review period, which have had a positive impact in establishing economic stability and promoting a positive economic outlook.

Despite regional and global challenges, Jordan has maintained a reasonable inflation rate of approximately 1.9 per cent throughout the review period, the statement said.

Jordan's economic performance, driven by a surge in tourism revenues and increased external trade sector contribution, played a key role in reducing the balance of payments deficit. In addition, Jordan recorded a remarkable growth rate of more than 80 per cent in total foreign direct investment compared with the same levels during the pandemic and the previous year.

WTO members commended Jordan's economic vision for the coming decade, which includes various sectoral plans and strategies. Several countries expressed their willingness to support Jordan's reform efforts.

In his concluding remarks, Shamali thanked the member countries for recognising Jordan's progress during the third review. 

He appreciated their support for the measures taken by Jordan, including the streamlining of trade facilitation procedures, the improvement of the investment climate, the promotion of women's economic empowerment, among others.

 

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