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AMMAN -- Negotiations to open up Jordan's access to the EU market should be concluded by the end of July, the planning and international cooperation minister said on Tuesday.
Planning Minister Imad Fakhoury met with EU ambassadors in Amman on Monday to review progress in the Jordan Compact, the deal reached at the London conference in February, a ministry statement said.
Under the deal, the ministry said, Jordan will receive improved access to the European market through simplified rules of origin, to increase the Kingdom's capacity to cope with the Syrian refugee crisis.
It noted that simplified rules of origin are important to attract investments to Jordan, which would increase economic growth, create job opportunities and improve Jordanian exports' access to the EU market, the statement noted.
Fakhoury said progress has been made in negotiations between Jordan and the EU to simplify the rules of origin.
Both sides are intensifying their efforts to bridge the remaining gaps so that a mutually satisfactory agreement can be reached by the end of July, the minister added.
He asked the European ambassadors to back Jordan's demands to maximise the benefits of the simplified rules of origin so that industrial investors in existing and new industries will benefit from them.
Meeting these demands will fulfil the ultimate goal of turning the Syrian crisis into an opportunity for the Jordanian economy, Fakhoury noted, urging the EU to back efforts to bridge the remaining gaps.
Meanwhile, Jordan is finalising regulations of the new investment law, which should be completed over the next few months, the minister said.
Jordan is working with the World Bank, the International Finance Corporation and the Organisation for Economic Co-operation and Development to improve the Kingdom's business environment to render it more attractive, he said.
Fakhoury urged donors to extend grants to priority projects listed in the Jordan Response Plan, as agreed in London, and to support the education sector so that Syrian students can be absorbed into schools.
One of the biggest successes of the London conference has been the new financing initiative launched by the UN and the Islamic Development Bank at Jordan's request, the minister noted.
Under the initiative, two new financing instruments will harness international financial resources to meet the extraordinary financing needs of the region.
So far, funding provided through the Jordan Response Information System for the Syrian Crisis (JORISS) amounts to $201 million, the minister said.
The JORISS system tracks projects funded by donors to support Syrian refugees and their hosts.
Some $99.9 million was allocated to projects targeting refugees while $101 million funded projects supporting host communities, the statement said.
Grants, concessionary financing terms and budgetary support to Jordan are important to maintain the Kingdom's economic resilience, the minister concluded.
© Jordan Times 2016
