Ammon News - The Jordanian and Algerian business community agreed to establish a new vision for the two countries' economic relations, aimed to open broad prospects for joint trade and investment cooperation.

During a joint investment forum organized Saturday here by the Jordanian Businessmen Association (JBA), in cooperation with the National Confederation of Algerian Employers (NCAE), the two sides stressed the need to develop action mechanisms, which would contribute to overcoming difficulties facing their mutual trade.

They also agreed to intensify meetings and exchange delegations' visits to get acquainted with available economic opportunities.

Despite the "deep-rooted" bilateral relations at various levels, the two countries' trade exchanges are still modest, as the Kingdom's exports to Algeria in 2020 amounted to $94 million, compared to about $125 million in imports, according to official data.

Speaking at the event, JBA Secretary General, Abdul Rahim Beqai, said Jordan has the requirements to become a regional business center and a gateway to enter the region's markets, supported by its competitive advantages and promising commercial and investment opportunities, in addition to agreements with various global economic blocs, calling on the Algerian side to benefit from these priviliges.

Many Jordanian industrial sectors have the necessary requirements to enter the Algerian market, especially the pharmaceutical components, clothing, chemical and fertilizer industries, as well as the plastic, rubber and metal industries, which all represent untapped export opportunities, he pointed out.

Stressing the need to work on overcoming difficulties that impede optimally benefiting from both sides' available opportunities, he said this effort should focus on activating the bilateral trade agreement signed between the two countries in 1997 and increasing role of the joint technical trade committee.

Beqai also called for a road map to diversify base of exchanged goods and reduce customs and non-tariff obstacles to facilitate goods flow, especially since volume of trade and investment exchange is "still less than the desired level."

In addition, he stressed the need to hold more joint business meetings and launch an approved joint data base, which provides all details of interest to Jordanian and Algerian investors, including legislation, regulations, and investment opportunities.