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Ammon News - AMMONNEWS - Minister of Planning and International Cooperation Imad Fakhouri Saturday unveiled a bid to revisit Jordanian economic legislation which was outcome of recent dialogue between the private sector and the government.

The government had earlier gained a grant from the (G7) Deauville Partnership to carry out the legislation review project in cooperation with the International Finance Corporation for three years, during which key legislations and regulations governing trade transactions will be revisited and updated.

The Deauville Partnership was established by the G7 in 2011 in response to the transformation under way in the MENA (Middle East and North Africa) region, aimed to provide political and financial support to Arab countries in transition and to better coordinate that international support.

The legislation review, he said, will be in line with world-class practices, and also aims to come up with a sustainable mechanism to guarantee a proper organisational environment and implement projects.

According to a ministry statement issued today, Fakhouri had discussed at a recent meeting with representatives of over 19 private sector associations, members of the National Council on Competitiveness and Innovation, the laws and regulations that govern the business and investment environment that are subject to amendment to fit into best international practices.

The minister said that this project will have a transformational impact on the Jordanian economy through the updating of the legal and organisational framework that governs economic activity, as well as the contradictory and unclear laws that are deemed as key impediments facing investors.

The project's focus, he said, will be on a host of laws and regulations, including customs, corporate restructuring, insolvency and liquidation, consumer protection, non-jordanian investment, construction organisation and licensing in developmental and free zones, immovable property lease or sale to non-Jordanians, among others.

Fakhouri outlined the government's efforts to spur the business environment and investment climate and raise Jordan's rank in the practice business report.