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Jordan Halts  Free Trade Deal With Turkey
Jordan Halts  Free Trade Deal With Turkey

Jordan Halts Free Trade Deal With Turkey

Jordan Halts Free Trade Deal With Turkey

Jordan has suspended a free trade agreement with Turkey as the deal negatively affected local industries, state-run Petra news agency reported Monday. The Jordanian cabinet decided to suspend the country’s free trade agreement with Turkey based on a recommendation by the minister of industry, trade and supply, according to the report. The government said the decision came to avoid further adverse effects on the national industrial sector given “unequal competition” from Turkish government-supported industries. It also added that the decision was taken in light of the challenges facing the Jordanian industrial sector due to the closure of border crossings with neighboring countries and the decline of traditional export markets to national exports. The agreement, which came into force in 2011, did not deliver the desired results, but sent trade balance heavily in favor of the Turkish side, while the Turkish side did not make a significant difference in the volume of Turkish investment flows to Jordan.

 

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