Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

Turkey removes tax privileges granted to Jordan as free trade deal breaks down

by Daily Sabah

ISTANBUL Nov 24, 2018 - 12:00 am GMT+3
by Daily Sabah Nov 24, 2018 12:00 am

Turkey has removed tax privileges granted to Jordan, while the latter also began imposing duties on imports from Turkey in a major hit for businesses that have been enjoying free access to Turkish markets.

The decisions came after Amman decided to suspend the free trade agreement between the two countries in March, saying it negatively affected local industries.

The presidential decree, which took effect Thursday, was published in the Official Gazette. Accordingly, Jordan has been removed from the Turkish list of countries for which no additional customs duty is imposed for the import of certain goods.

On the other hand, the decision on the implementation of a tariff quota on the import of some agricultural and processed agricultural products originating from Jordan was abolished and became operational as of Thursday by the decree.

Moreover, a Jordanian spokesperson confirmed Thursday that customs duties have begun to be imposed on goods coming from Turkey.

Yanal Barmawi, a spokesperson for Jordan's Industry, Trade and Supply Ministry, was quoted by The Jordan Times as saying that customs duties ranging from 20 to 30 percent are being imposed on Turkish imports.

"The termination of the deal has already gone into effect," he said.

Signed in late 2009, the free trade agreement came into force in 2011. The decision is part of Jordan's efforts to restudy all free trade agreements to see their benefit to the economy.

Media reports quoted Amman as saying that the 2011-deal lead to an increase in the imports of Turkish products and caused damage to Jordanian businesses, which were unable to compete with Turkish products.

On the other hand, some Jordanian officials said the abolition of the deal has caused damage to local companies.

"This is an unfortunate decision that will negatively affect scores of businesses," Nael al-Kabariti, the head of the Jordanian Chamber of Commerce was reported as saying by Jordan's media.

Speaking to The Jordan Times, Kabariti said: "Many traders opened shops and started investments to sell Turkish products and now that the deal is over, the prices of their products will increase and become less competitive, which will result in less revenues and profits."

The free trade agreement was the only reason why some traders opened their businesses, he noted, adding that some of them will keep registering losses in the coming period before they are forced to shut down.

He was cited by The Jordan Times as saying it is understood that Jordan did not benefit from the deal as desired; however, there were a number of other deals it also did not actually benefit as expected.

The trade volume between the two countries stood at $962 million in 2015, according to official figures. Exports from Turkey to Jordan stood at $835 million, while imports reached $127 million.

Mineral fuels, boilers, machinery, electric/electronic equipment and textile products topped the list of Turkey's exports to Jordan, while inorganic chemicals, fertilizers, textile products and plastics led the way in imports from Jordan.

  • shortlink copied
  • RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Love is in the air: Valentine's Day around the world
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021