AMMAN — Jordan's Economic Modernisation Vision proposed ways to simplify customs, taxes and shipping regulations for trade and retail business.

The vision, the launch of which was attended by His Majesty King Abdullah last week and is set to be implemented through three phases over 10 years, focuses on the trade sector as a top national priority, in light of its high contribution to the GDP, which last year stood at 7.9 per cent with a value of JD2.4 billion, the Jordan News Agency, Petra, reported.

According to 2021 estimates, the trade sector employs 265,000 workers, constituting 16.6 per cent of the Kingdom's total workforce, while its exports during 2021 amounted to JD300 million, representing 3.3 per cent of the Kingdom's total exports.

On the reasons for the proposed regulations, the trade sector lacks e-trade legislation, as it relies mainly on imports, and suffers from "ineffective" customs, shipping and taxes laws, in addition to difficulties in obtaining funding and unfair competition.

The vision, which was the outcome of panel discussions over a three-month period, draws attention to the direct economic impact that will be reflected on the trade sector after its implementation, as its contribution to the GDP will increase from JD2.4 billion, according to last year’s estimates, to JD3.8 billion in 2033.

The number of the sector’s workers is also forecast to reach about 400,000, in addition to increasing exports to an estimated value of JD1.5 billion in 2033.

Among its initiatives, the vision also suggested developing consumer protection legislation, modernising the Aqaba port and warehousing infrastructure, providing support for trade funding, expanding trade partnerships and free trade agreements, and creating a database of tradable goods and services.

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