AMMAN — The third trade policy review conducted by the World Trade Organisation (WTO) praised the Kingdom’s significant tariff reform aimed at simplifying the local tariff structure.
The Kingdom was commended for “maintaining forward-looking economic and social policies, taking into account equity, fairness and sustainability when facing various challenges over the past years such as regional conflicts, refugee crisis, food security, and climate change.” according to the WTO website.
The review acknowledged Jordan’s progress connected to its recent modernisation of institutional and legal frameworks, highlighting that such an effort is focused on improving and stimulating local economic growth as well as promoting foreign investment in the local economy.
As for Jordan’s trade-related policies and measures, it welcomed “new trade facilitation measures aimed at streamlining customs procedures”, according to the WTO. In addition to strengthening its Ecommerce Strategy for the years 2023-2025.
Commenting on the recent review, economist Waseem Hussein told The Jordan Times over the phone on Sunday that “Jordan has successfully proved itself in many areas during the current year,” such as committing to improving its business and trade environment through having legislative amendments that support further economic reforms.
In this regard, Samer Manaseer, an economic analyst, told The Jordan Times that the Kingdom actively tries to have more transparent trade operations while minimising tax evasion.
“The review has shown that Jordan is also actively engaged with the WTO, and offers tax incentives to all companies and businesses across Jordan and not only in the free trade zones,” he added.
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