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A new system of trade exchange between Iraq and Jordan enters into force DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

A new system of trade exchange between Iraq and Jordan enters into force

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A new system of trade exchange between Iraq and Jordan enters into force Empty A new system of trade exchange between Iraq and Jordan enters into force

Post by RamblerNash Sun Aug 22, 2021 9:49 pm

A new system of trade exchange between Iraq and Jordan enters into force 968
Trebil border port with Jordan
 
08/22/2021

Economy News - Baghdad

On Sunday, the Kingdom of Jordan announced the resumption of trade exchange between it and Iraq, using the "door to door" system, allowing those who wish to continue exporting through the exchange yards at the borders.

The head of the Jordan and Amman Chambers of Industry, Fathi Al-Jaghbir, said, in statements followed by "Al-Iqtisad News", that "the decision will contribute to reducing the cost of shipping to Iraq, and thus enhance the competitiveness of Jordanian products in the Iraqi market, and hopes that this decision will positively affect Jordanian exports." 

He added that "the previous method, by unloading the products of Jordanian trucks into Iraqi trucks at the borders, was causing a time delay and increasing the costs of loading and unloading these factories and trucks, and some sensitive goods might be damaged during unloading." 

Jaghbir explained that "the meaning of the "door to door" system is to load the goods from the factory land to the merchant in the other country, which increases exports and trade exchange. 

He added that "a Jordanian industrial delegation from various local industries will visit Iraq at the end of this month." 

The "door to door" system allows the Iraqi truck to enter the Jordanian territory, and the Jordanian truck to enter the Iraqi territory, while the "back to back" system allows the Jordanian and Iraqi truck to enter a yard on the border between the two countries designated for trade exchange, after which the goods are transferred between the trucks in those Arena. 

The Karama/Trebil border crossing, which links Jordan with Iraq, was reopened in 2017. 

Jordanian exports to Iraq before the Corona crisis in 2019 amounted to about 466 million dinars, while imports from Iraq amounted to 1.6 million dinars, as the trade balance (the difference between the value of imports and exports) was in favor of Jordan by 464.4 million dinars. 

Jaghbir added that "Jordan is more interested in Iraq than Syria in economic terms, and we may differ in dealing with the procedures with the Syrian side, as the plan is to set work lists with them, since the competition with Syria is negative." 

https://economy-news.net/content.php?id=26070
RamblerNash
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