Latest news with #ArabFreeTradeAgreement
Babnet
5 days ago
- Business
- Babnet
Tunisia: Working Session Between UTICA and the National U.S.-Arab Chamber of Commerce
A working session was held on Friday, July 11, 2025, at the headquarters of the Tunisian Union of Industry, Trade and Handicrafts (UTICA), bringing together a delegation from UTICA led by Mr. Samir Majoul, President of the Union, and a delegation from the National U.S.-Arab Chamber of Commerce headed by its President Mr. David Hamod, with the participation of the U.S. Ambassador to Tunisia, Mr. Joey Hood. The U.S.-Arab Chamber's delegation included a distinguished group of representatives from leading companies operating in strategic sectors such as international trade and investment between the U.S. and the MENA region, advancements in financial technology and digital payment systems, cutting-edge innovations in drone technology, as well as support for sustainable agriculture and food security through grain storage technologies and improved agricultural value chains. The UTICA delegation included members of the national executive board, UTICA officials, and representatives from several sectors, including olive oil and date exports, robotics, aircraft parts manufacturing, automotive components, and financial technology, along with the President of the American Chamber of Commerce in Tunisia. Mr. Samir Majoul emphasized the importance of this initiative, highlighting the growing American interest in Tunisia's economic environment. He stressed the need for joint efforts to establish partnerships based on complementarity, trust, and mutual benefit. He pointed out Tunisia's strategic location, making it an ideal regional hub due to its proximity to Europe, openness to the Arab world, and natural position as a gateway to Africa. He also cited Tunisia's trade agreements, including the partnership with the European Union, the Arab Free Trade Agreement, and its membership in the African Continental Free Trade Area (AfCFTA). He expressed hope for launching a renewed dynamic of cooperation with the United States. Mr. Majoul further noted the readiness of several sectors to embrace new industrial and commercial partnerships, including fintech and electronic payment systems, aircraft and automotive components, sustainable agribusiness, and renewable agriculture, in addition to logistics and agricultural storage. He emphasized that the success of these partnerships depends on the complementarity of capabilities, combining U.S. expertise in innovation and capital with Tunisia's flexible, competitive capacities and its proximity to neighboring markets. He also highlighted promising avenues such as joint investments in third markets, including Africa, the Arab world, and Europe, where Tunisian companies have already built field experience. From his side, Mr. David Hamod, President of the National U.S.-Arab Chamber of Commerce, underlined the importance of this meeting in strengthening economic relations between Tunisia and the United States. He affirmed that the private sector plays a pivotal role in advancing bilateral trade and shaping concrete partnerships between economic stakeholders in both countries. Mr. Hamod pointed out that the Chamber's delegation included representatives from strategic sectors such as food sovereignty, financial security, and defense, reflecting the diversity of potential areas of cooperation. He reiterated his commitment to supporting efforts aimed at expanding bilateral collaboration. He also encouraged Tunisian actors to develop direct relationships with various U.S. states, noting that this would open up new prospects for balanced, mutually beneficial partnerships. In the same vein, U.S. Ambassador Joey Hood considered that direct relations with the fifty U.S. states represent a strategic lever, equating it to " gaining fifty economic ambassadors inside the United States." He added that strengthening these ties could practically help rebalance the U.S. trade deficit with Tunisia and address some trade issues, including customs tariffs imposed on Tunisian exports to the U.S. market. During the session, economic representatives from both sides gave in-depth presentations on their areas of activity, highlighting promising opportunities for strategic cooperation between Tunisia and the U.S. They also discussed structural challenges facing trade relations—particularly the negative impact of U.S. tariffs on Tunisian exports —and emphasized the need for effective mechanisms to overcome these obstacles, ensuring smoother trade and investment flows and enhanced economic integration. The session also highlighted Tunisia's unique geostrategic position at the crossroads of Europe, Africa, and the Arab world, along with its diversified industrial base and skilled human capital, as critical factors that enhance Tunisia's attractiveness for foreign investment. The discussions underscored the central role of the private sector in both countries as a true driver of economic growth and sustainable cooperation. Both parties called for the establishment of complementary, balanced partnerships that reflect shared aspirations and support economic diversification, innovation, and technology transfer across key sectors. The session reaffirmed the strategic importance of U.S. investment in Tunisia as a lever to foster growth, technology transfer, and skill development. Both sides expressed their mutual desire to intensify efforts to support the inflow of U.S. investments into Tunisia and broaden cooperation opportunities, enabling Tunisian companies to better access the U.S. market and benefit from its potential. They also confirmed their shared commitment to strengthening this partnership through a renewed vision based on equality and mutual respect, aiming to achieve sustainable, mutually beneficial outcomes across the economic spectrum. Finally, the meeting shed light on the evolution of Tunisia's economic landscape, the adaptability of its enterprises, and their openness to international markets. Many Tunisian companies are actively seeking entry into the U.S. market via .
Iraqi News
10-05-2025
- Business
- Iraqi News
Economic Cooperation a Key Focus of Upcoming Arab Summit, Says Government Advisor
Baghdad-INA The Financial Advisor to the Prime Minister, Mazhar Muhammad Salih, said on Saturday that strengthening economic cooperation among Arab countries will be one of the key topics discussed at the upcoming Arab Summit. He stressed that this cooperation is essential to building stronger economic ties, promoting regional stability, and creating new opportunities for development. 'Stable relations among Arab countries encourage the movement of capital and expertise and help to enhance regional trade,' Saleh told the Iraqi News Agency (INA),'The Arab world shares common language and cultural values, which gives it strong potential for economic unity.' He highlighted the presence of long-standing Arab agreements that could be reactivated to support this goal, such as the Arab Free Trade Agreement signed in 1952 and later amended, as well as several bilateral and multilateral investment treaties. 'There's a real opportunity now to strengthen economic ties in a way that also supports political stability across the region,' he said. Salih also pointed to Iraq's strategic position in the region, saying the country plays a central role in connecting the Gulf and the Mediterranean, with reach extending toward Africa and the Levant. 'Iraq has deep historical roots, a key geographic location, and access to the Gulf,' he noted. 'It's renewed economic role, especially as it hosts the Arab Summit—signals a return to Arab leadership and shared regional strength.' He concluded by saying Iraq has always supported peaceful economic cooperation and is well positioned to help lead efforts to build a united Arab economic front in the face of regional challenges.
Jordan News
11-03-2025
- Business
- Jordan News
Jordan's Exports to the Arab Region Rise - Jordan News
Jordan's Exports to the Arab Region Rise Jordan's national exports to the Arab Free Trade Area saw significant growth in the past year, increasing by 15.9% (488 million dinars) to reach 3.564 billion dinars, compared to 3.076 billion dinars in 2023. اضافة اعلان Exports to the Arab Free Trade Area accounted for 42% of Jordan's total exports last year, up from 37% in 2023. Meanwhile, the Kingdom's imports from Arab countries increased by 8.2%, reaching 5.078 billion dinars, compared to 4.693 billion dinars in 2023. Key Drivers of Export Growth The President of the Jordan and Amman Chambers of Industry, Engineer Fathi Al-Jaghbir, stated that the increase in national exports to Arab countries was driven by rising demand in these markets for Jordanian products, which are known for their high competitiveness and quality. He highlighted that Jordan's efforts to expand exports to key neighboring markets, particularly Iraq and Saudi Arabia, played a crucial role in promoting Jordanian products across the Arab world. Exports to Iraq grew by 42.5%, reaching 905 million dinars, while exports to Saudi Arabia increased by 14.3%, totaling 1.1 billion dinars. Sectoral Growth in Exports According to Al-Jaghbir, the key sectors that witnessed export growth included: Engineering industries (cables and wires) Construction materials (building units and prefabricated structures) Food industries (processed foods, tea, and tobacco) Chemical industries, packaging, plastics, and furniture Among the top exported products were fertilizers and cleaning products, while petroleum products, plastics, pearls, and jewelry were among the leading imports to Jordan. Strategic Steps to Enhance Exports Al-Jaghbir emphasized the need for strategic measures to further boost Jordanian exports, including: Enhancing Arab economic integration by fully implementing the Arab Free Trade Agreement, eliminating trade barriers, and simplifying export procedures. Reducing production costs, particularly by supplying industrial zones with natural gas to lower energy expenses and increase competitiveness. Expanding export opportunities by targeting underutilized markets, with potential exports exceeding $2 billion to countries such as: Saudi Arabia: $650 million UAE: $270 million Kuwait: $136 million Qatar: $135 million Egypt: $120 million Call for Stronger Arab Trade Cooperation Al-Jaghbir stressed the urgent need for stronger Arab trade cooperation, noting that intra-Arab trade accounts for only 12% of the region's total foreign trade. He urged Arab countries to: Remove trade restrictions Facilitate labor movement and investments Improve logistics and commercial shipping Jordan's Economic Stability and Export Potential Assistant Secretary-General of the Union of Arab Businessmen, Tareq Hijazi, highlighted that Jordan's free trade agreements and geopolitical stability position it as a gateway for trade and investment in the region. He pointed out that increasing demand for Jordanian products in Arab markets is driven by: Economic growth in some Arab countries Recovery from past economic crises High-quality Jordanian products that meet regional standards Key Recommendations for Sustainable Export Growth Economic expert Dr. Adli Qandah outlined several strategies to sustain Jordan's export growth: Diversify export products by expanding into technology and high-value services Improve quality standards to build consumer trust Upgrade logistics infrastructure (ports, roads, storage facilities) Encourage foreign investment in export-driven industries Leverage e-commerce and digital marketing to access new markets Reduce production costs through government support for energy prices and easier access to financing Enhance customs efficiency to streamline trade with Arab partners Conclusion With the right policies and investments, Jordan has the potential to achieve sustained export growth, strengthen its position in Arab markets, and contribute to broader regional economic integration. (Petra News Agency)
