Jordanian media reported that the agreement provides for the exchange of information on commercial and investment opportunities, promotion of joint ventures, business delegations and business-to-business meetings, as well as participation in exhibitions and other commercial events.
The local media also reported that the agreement was signed through an exchange process by JCC President Khalil Haj Tawfiq and FPCCI President Atif Ikram Sheikh.
The MoU also provides a framework for cooperation through the Jordanian-Pakistani Business Council, including identifying priority sectors and commercially viable opportunities, connecting businesses and investors, and following up on joint projects.
The business council itself is not being established for the first time. It was established in 2006, while Jordan and Pakistan agreed in June to reinstate and relaunch it as part of efforts to expand bilateral economic relations.
Haj Tawfiq said the agreement would help translate the longstanding political relationship between Jordan and Pakistan into stronger economic, commercial and investment partnerships.
He identified fertilizers, phosphate, potash, chemicals, pharmaceuticals, food and agricultural products as areas with potential for greater Jordanian exports to Pakistan. Pakistan's strengths in textiles, food manufacturing and information technology could also provide opportunities for joint ventures and investment.
The two sides also identified food security and supply-chain resilience as potential areas for cooperation and called for stronger direct relationships between exporters and importers in the two markets.
The agreement comes as Jordan and Pakistan seek to increase business-to-business engagement and expand bilateral trade and investment, which Haj Tawfiq said remained below the potential of the two economies.
