AMMAN - The Jordanian-Turkish free trade agreement (FTA) is in the last stage of ratification in Turkey and will be completed very soon by the Turkish parliament, a top Turkish diplomat said Wednesday.
The FTA, approved by a Royal Decree recently after it was signed between the two countries in December 2009, will enter into force at the beginning of 2011.
Turkish Ambassador in Amman Ali Koprulu said the agreement will help boost trade volume between Jordan and Turkey, which stood at $475 million in 2009 and at about $224 million during the first five months of 2010.
"The FTA will also encourage Turkish businesses and companies to make investments in Jordan, especially that Jordan is a very stable country with very rich human resources and advanced infrastructure," the ambassador said in an interview with The Jordan Times Wednesday.
According to the diplomat, Turkish investments in Jordan amounted to about $150 million and are concentrated in the sector of textiles and plastic industries, among others.
The FTA will also help Turkish companies penetrate nearby Arab markets in the region, said the ambassador, noting that Turkish companies can benefit from agreements Jordan is signatory to such as the FTA between Jordan and the US.
Koprulu added that with the FTA, Jordanian companies will be able to enter the Turkish market with a population of 72 million, saying: "There is a huge potential for boosting trade volume between the two countries."
According to the embassy, bilateral trade volume in 2008 stood at $486 million, while in 2007 it amounted to $400 million.
Jordan's imports from Turkey include mineral fuels and oils, food, tobacco, plastic goods, wooden goods, textile, furniture, articles of iron and steel, household appliance, electrical machinery and equipment, machineries, mechanical appliances, among others.
The Kingdom's exports to Turkey include inorganic and organic chemicals, fertilisers, paper and paperboard, wadding, pharmaceutical products and aluminum.
To look into means to boost cooperation in economic and commercial fields, the ambassador said a Jordanian-Turkish business forum will take place in Istanbul in October.
He added that high-ranking Turkish trade officials along with a Turkish business delegation will visit the Kingdom before the end of this year.
By Mohammad Ghazal
© Jordan Times 2010
