Ammon News – The Jordanian and Algerian business communities have agreed to establish a new vision of economic relations between the two countries, aimed at opening up broad prospects for joint cooperation in trade and investment.

At a joint investment forum organized on Saturday by the Jordanian Businessmen’s Association (JBA), in cooperation with the National Confederation of Algerian Employers (NCAE), the two sides stressed the need to develop mechanisms of action, which would help to overcome the difficulties facing their Commerce.

They also agreed to intensify meetings and exchange visits of delegations to familiarize themselves with the economic opportunities available.

Despite the “deeply rooted” bilateral relations at different levels, the two countries’ trade exchanges are still modest, with the Kingdom’s exports to Algeria in 2020 amounting to $94 million, compared to around $125 million in imports. , according to official data.

Speaking at the event, JBA Secretary General Abdul Rahim Beqai said that Jordan has what it takes to become a regional business hub and gateway to markets in the region, supported by its competitive advantages and its promising trade and investment opportunities, in addition to the agreements with different world economic blocks, calling on the Algerian side to benefit from these privileges.

Many Jordanian industrial sectors have the necessary conditions to enter the Algerian market, in particular the pharmaceutical component, clothing, chemical and fertilizer industries, as well as the plastics, rubber and metals industries, which all represent untapped export opportunities, he pointed out.

Stressing the need to work to overcome the difficulties that prevent optimally taking advantage of the opportunities available on both sides, he said that this effort should focus on the activation of the bilateral trade agreement signed between the two countries in 1997 and the increased role of the Joint Commercial Technical Committee.

Beqai also called for a roadmap to diversify the base of traded goods and reduce customs and non-tariff barriers to facilitate the movement of goods, especially since the volume of trade and investment is “still below the desired level”.

Furthermore, he underlined the need to hold more joint business meetings and to launch an approved joint database, which provides all the details of interest to Jordanian and Algerian investors, including legislation, regulations and investment opportunities. ‘investment.