Ammon News - Partnerships between the Jordanian and Iraqi business communities are key for a successful economic relationship between the two nations, said President of the Jordanian Businessmen Association (JBA) Hamdi Tabbaa on Wednesday.

In a statement to the Jordan News Agency (Petra), Tabbaa that an action plan must be drawn up to outline both sides' priorities for the next stage and track the outcomes of signed agreements.

On February 8, the joint Jordanian-Iraqi committee will convene in Baghdad to discuss several topics related to two-way trade, private-sector incentives, a joint economic estate project, and collaborations in energy, transportation, customs, health, food, trade, and industry.

According to Tabbaa, the Iraqi market holds great potential for Jordanian exports, and he highlighted the potential for establishing a logistic zone in the northern Mafraq governorate to serve the Jordanian, Iraqi, and neighboring markets.

He emphasized that trade is being hampered by Iraq's 30% tax on Jordanian exports and called for the expansion and diversification of Jordanian products that are not subject to this tax.

Furthermore, he emphasized the need for annual visa fee reductions to facilitate investor movement, citing numerous restrictions on remittances received from Iraq and complex procedures for receiving and delivering bank credits through Iraqi banks.

Jordan-Iraq trade increased in the January-November period of 2022 to some JD707 million, compared to JD415 million in the same period of 2021.