عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Jordan Suspends Free Trade Agreement with Turkey

A general view of Amman, Jordan. (Reuters)
A general view of Amman, Jordan. (Reuters)
TT
TT

Jordan Suspends Free Trade Agreement with Turkey

A general view of Amman, Jordan. (Reuters)
A general view of Amman, Jordan. (Reuters)

Jordan’s government decided to suspend on Monday the free trade agreement with Turkey, based on a recommendation by the Ministry of Industry, Trade and Supply.

Jordan suspended the free trade agreement with Turkey as the deal negatively affected local industries.

The government said the decision came to avoid further adverse effects on the national industrial sector given "unequal competition" from Turkish government-supported industries, according to state-run news agency Petra.

It also added that the decision was taken in light of the challenges facing the Jordanian industrial sector due to the closure of border crossings with neighboring countries and the decline of traditional export markets to national exports.

The agreement came into force in 2011, however, it did not deliver the desired results and the trade balance favor Turkey. The Turkish side did not make a significant difference in the volume of Turkish investment flows to Jordan.

Representatives of the industrial sector in Jordan have repeatedly complained about the deal and called for revising it, while several others called for revoking it.

According to official figures, the value of Turkish investments that flowed into Jordan during the past years amounted to $283 million, mainly in the sectors of services, information technology, food industries and infrastructure.

The trade exchange between the two countries in 2016 reached about $742 million, of which $664 million comprised Turkish exports to Jordan and $78 million comprised Jordanian exports to Turkey.

Most Viewed

 
 
Business

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.