The FINANCIAL — Jordan has made great strides following its accession to the WTO, in reforming its economy and liberalizing its trade regime.
This has contributed to average real GDP growth of close to 6% over the past 8 years, a relatively low inflation, and increasing annual inflows of foreign direct investment, according to a WTO Secretariat report on the trade policies and practices of Jordan.
Since its economy is dominated by services, a sector accounting for two thirds of its GDP, Jordan would benefit from further opening key service subsectors and by streamlining its business environment that remains somewhat inhibited by administrative hurdles, limitations on foreign participation in certain activities and costly transport infrastructure and utilities.
Jordan would also gain from further dismantling of its tariff and non-tariff barriers to trade, and simplification of its complex incentives regime in which five schemes overlap.
The WTO report, along with a policy statement by the Government of Jordan, will be the basis for the first TPR of Jordan by the Trade Policy Review Body of the WTO on 10 and 12 November 2008.
