Despite a Free Trade Agreement (FTA) between Jordan and Canada that was signed in 2009 and entered into force in October 2012, the two countries’ trade exchange has lagged behind their goals.
By accelerating trade delegation exchanges, increasing efforts to market Jordanian exports of goods, services, and agricultural products, hosting exhibitions to promote travel destinations, and expanding investment opportunities, the two countries hope to activate the FTA in 2023.
In 2022, Jordan and Canada traded a total of JD116 million worth of goods and services, with the Kingdom coming out on top due to its comparatively higher exports to Canada (around JD80 million) compared to its relatively lower imports (around JD36 million).
Jordan’s exports to Canada included textiles, machinery, electrical equipment, food sector products, and plant products, among others. In contrast, the majority of the Kingdom’s imports from Canada were plant-based goods, machinery for the transportation industry, goods for the food industry, goods for the chemical industry or related industries, and pharmaceuticals.
Khalil ElHaj Tawfiq, chairman of the Jordan Chamber of Commerce, told the Jordan News Agency on Sunday that the limited economic exchange between Jordan and Canada is due to the public and private sectors’ failure to utilize the FTA.
“The private sector failed the most since it did not benefit from the FTA despite the fact that Canada is one of the top producing and consuming nations with sizable Arab and Muslim populations,” he added.
He emphasized the need for a realistic analysis that takes into account the materials used by Canadian citizens, which are, under the FTA, exempted from customs, noting that the study must be offered to Jordanian investors who are prepared to sell in international markets.
Source: Jordan News Agency