The Jordan-Turkey Free Trade Agreement: A Comprehensive Guide
The Jordan-Turkey Free Trade Agreement (FTA) is a comprehensive treaty between the Kingdom of Jordan and the Republic of Turkey that aims to promote economic cooperation, enhance trade, and strengthen bilateral relations between the two countries. Signed in 2009, the FTA covers a wide range of areas including goods, services, investment, intellectual property, and competition policy. In this article, we will take a closer look at the key features and benefits of the Jordan-Turkey Free Trade Agreement.
Tariff Elimination
The FTA provides for the elimination of tariffs on a wide range of goods traded between Jordan and Turkey. This means that most goods traded between the two countries will be duty-free, which will significantly reduce trade barriers and make it easier and cheaper for businesses to engage in cross-border trade. The tariff elimination schedule for each product is included in the FTA, and businesses can consult these schedules to determine the applicable tariff rates for their products.
Rules of Origin
To qualify for duty-free treatment under the FTA, goods must meet certain Rules of Origin (ROO) requirements. These rules specify the criteria that must be met for a product to be considered as originating from either Jordan or Turkey. The purpose of the ROO is to ensure that only goods that are genuinely produced in Jordan or Turkey benefit from the preferential tariffs. The ROO requirements are specified in the FTA, and businesses can consult them to determine whether their products meet the criteria.
Services and Investment
The FTA also covers trade in services and investment. The agreement provides for the liberalization of trade in services between the two countries and the protection of investors` rights. Under the FTA, Jordan and Turkey have committed to providing each other`s service providers with access to their respective markets on a non-discriminatory basis, subject to certain conditions. The agreement also includes provisions that protect investors` rights, such as the protection of intellectual property rights and the right to fair and equitable treatment.
Intellectual Property
The FTA includes provisions that protect intellectual property rights, such as patents, trademarks, and copyrights. This is particularly important for businesses engaged in the production of intellectual property, such as software, music, films, and books. The FTA provides for the protection and enforcement of these rights, which will help to prevent piracy and ensure that businesses can profit from their innovations and creations.
Competition Policy
The FTA also includes provisions related to competition policy. These provisions seek to promote fair competition and prevent anti-competitive practices that could harm consumers or businesses. The FTA provides for the establishment of competition authorities in both Jordan and Turkey and requires that each country implement competition laws and regulations that are consistent with the FTA.
Conclusion
The Jordan-Turkey Free Trade Agreement is a comprehensive treaty that covers a wide range of areas related to trade and investment. By eliminating tariffs, liberalizing trade in services, protecting intellectual property rights, and promoting fair competition, the FTA is expected to boost trade between the two countries and enhance bilateral relations. Businesses engaged in cross-border trade between Jordan and Turkey should familiarize themselves with the FTA`s provisions to take advantage of the benefits that it offers.
