Jordanians praise future membership in Gulf Co-operation Council

Jordan's stock market rose 18 points on Wednesday (May 11th) after the GCC announced that Jordan would be a future member. [Muhammad Hamed/Reuters]

Jordan's stock market rose 18 points on Wednesday (May 11th) after the GCC announced that Jordan would be a future member. [Muhammad Hamed/Reuters]

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The leaders of the Gulf Co-operation Council (GCC) welcomed Jordan as a future member during the group's summit Tuesday (May 10th) in Riyadh.

The decision drew a positive reaction from economists and analysts in Amman.

Jordanian economists are relying on the country joining the GCC to be a lever for economic growth and a solution to the problems of unemployment and poverty by creating new opportunities for investment and trade.

The Jordanian government welcomed the decision of the GCC, saying in a statement Tuesday evening, "Jordan looks forward to further dialogue between the foreign ministers of the GCC and Foreign Affairs Minister Nasser Jawdat to meet the requirements of membership in the council."

The statement added, "The leaders of the Gulf nations welcoming Jordan to the Gulf Co-operation Council is the result of intensive efforts made by King Abdullah II and his brothers the GCC leaders to engage with the countries of the Gulf and reinforce common interests."

No date was announced regarding when Jordan would become a member. Discussions about how Jordan can meet membership requirements are expected to continue later this month, according to wire reports. In 2010 Jordan's gross domestic product was $28 billion, slightly higher than Bahrain's $23 billion, the smallest economy in the GCC.

Member countries in the GCC account for the largest percentage of Jordan's trade. Gulf investments in the Jordanian stock market exceed 4 billion dinars ($5.6 billion).

The decision to welcome Jordan's membership bolstered trading activity in Jordan. During trading on Wednesday, the stock market rose 18 points, and the value of stock prices gained about $205 million.

The geographical contiguity between Jordan and Saudi Arabia, the largest member of the GCC, in addition to similar social structures, are factors that will boost the kingdom's accession to the council.

Jordan applied for membership to the GCC in the 1980s, but the application was rejected with no reason provided, according to the Associated Press.

Hamdi al-Tabaa, head of the Jordanian Businessmen Association, said, "The structure of the Jordanian economy is more or less ready to become part of the Gulf Co-operation Council system given the socio-demographic convergence and historical relations between the two parties, and their adoption of a free-market economy."

He added, "Jordan and the Gulf states are signatories to similar conventions such as the Greater Arab Free Trade Organisation and the Global Free Trade Organisation."

A 2006 study by the Amman Chamber of Commerce estimated the number of Jordanians working in Gulf countries at 600,000.

Economist Thabet Al-War, said, "Jordan will offer the GCC a comparative advantage and qualitative weight with its combination of population, political sway, foreign relations and large possibilities for convergence."

He said Jordan possesses qualified labour in various sectors, as well as being a stable country with a safe environment and advanced economic laws, which is a key factor in attracting investment. He said that the economic benefits of the resolution will help both sides.

Ayman Al-Majali, the president of the Financial and Economic Committee in the House of Representatives, said in a press statement Wednesday that the decision would have economic, social, political, cultural and educational benefits for Jordan and the Gulf states. It will help Jordan's economy through the free flow of capital, labour and goods, and offer greater employment opportunities.

Reem Badran, deputy chairman for the Jordan Chamber of Commerce, called for taking advantage of the expertise accumulated by the two parties in the implementation of strategic projects.

She told Al-Shorfa, "The resources that Jordan will acquire in the Gulf States will be a catalyst for growth and does not require an extensive rehabilitation of the economy because both parties are responsive to the terms of the World Trade Organisation and their economies are close."

Jordan's exports to GCC countries were worth more than 800 million dinars last year ($1.125 million dollars), while Jordanian imports amounted to 2.73 billion dinars ($3.85 billion.)

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  • READER COMMENTS

    حمدي حسين

    2011-7-7

    The issue of Jordan's joining the GCC is one of the big moves towards political and economic integration in the region of the Arab Gulf and other Arab countries. In fact, Jordan is the historical depth of the Gulf countries. Besides, Jordan has taken distinguished stances concerning the GCC countries and regional and international issues. Jordan has helped the convergence of views in order to promote the common economy in the region by establishing many economic institutions to lay the foundations of economic integrity among this group of countries, as is the case with the European market. It will also be the cornerstone in strengthening the Arab economy, by having the largest possible number of other Arab countries as members of the Council. The latter will be a major economic power in the region, given its great economic potential. The countries of the region are known for their great capacities. This will help achieve economic and financial benefits by adopting a common currency. Besides, these countries can also strengthen their ties with the other countries or economic blocs and work to expand trade exchange with other countries and make investments there. This summit decided to expand the number of Arab countries in the Gulf Cooperation Council, given the international challenges created by the current political circumstances caused by Iran through its interference in the affairs of some Gulf and Arab countries. Moreover, some countries in the region are witnessing instability, and Iran took advantage of the situation to disseminate its poisons in these countries, in order to sow discord and weaken security. Then, they can impose their control over these countries and exploit their wealth and resources. Thus, this unity has become a challenge for opportunists. It aims to strengthen this international community and strengthen its economic system and develop it to benefit the peoples of the GCC countries, Jordan and Morocco. They must work to achieve a strong economy and thus have an Arab common market in the future.

  • فاروق العلي

    2011-7-6

    The Jordanian king did not add anything to the Gulf Cooperation Council. The Jordanians weakened their economy themselves, and we hope that Jordan returns to its previous position and that the economy recovers again, so that it can keep pace with the other Arab countries that are enjoying an economic boom. I believe that the economy improves through good relationships with other countries. But Jordan is experiencing a lot of problems and unrest. What I hope for in the near future for Jordan, is that it restores the normal position it held in the past. What the Salafist groups did in the country caused fear and anxiety among people. In my opinion, it is the duty of the government to adopt new policies, to get rid of all those problems gripping the country and leading to its collapse. Jordan was living in luxury, but the current economic difficulties have made it one of the poorest of the Arab countries.

  • بشار علي

    2011-7-4

    I think whether Jordan joins the Gulf Cooperation Council or not, this will not affect the stability of the Gulf countries. In fact, the Gulf States are stable and thank God, we have no violations and no terrorism. However, it is probably better that Jordan joins the Gulf countries for the sake of mutual cooperation on the level of security. This is in order to fight those who have violated the laws and undermined the Arab countries’ security. But regarding the direct influence on these countries' security, I don’t think that this will affect the current stability the Gulf countries have.

  • شعيب

    2011-7-3

    Jordan's accession to the GCC in order to achieve the growth of the Jordanian economy was not purposeful at all, and in fact, the Jordanian economy has slowed down to poverty. No matter what the Jordanian king does, he will not be able to solve the crisis. The Jordanians have themselves caused their economy to slow down. We hope that Jordan restores its progress and that the economy thrives, in order to keep pace with the other economically booming Arab countries. I believe that the economy flourishes in stability which is achieved through good relationships with other countries. But Jordan is facing problems, and I hope life in Jordan returns to normal in the near future. The Jordanian economy will not return to normal regardless of what happens, since the government is not ready to adapt to the new situation, although it has joined the GCC. But what we want is for life there to return to normal and for it to be better than before.

  • رياض محمد

    2011-6-14

    The admission of the Hashemite Kingdom of Jordan to the Gulf Cooperation Council, or GCC countries, is a right and positive move which should have been made earlier. As far as I am concerned, the Jordanian leadership has made great strides in the right direction. Jordan is one of the countries that lack many economy basics, which would contribute to its domestic growth. Indeed, Jordan lacks natural resources. Becoming a member of the GCC is an advantage that will help Jordan improve its economic conditions and revitalize it. This can be achieved through its partnership with Arab Gulf countries. The latter have great economic resources which can revive the economy of Jordan. Jordan’s joining the Gulf Cooperation Council will help it overcome many obstacles that are hampering the Jordanian economy. The latter will witness an unprecedented quantum leap, as the country will achieve many commercial benefits, enter the Gulf markets and exchange a lot of goods. This will greatly benefit Jordan, given the profits it will provide for the Jordanian economy. Besides, many Jordanian workers will have the opportunity to carry out different jobs in the Gulf States. This will enable Jordan to gain a lot of hard currency. Thus, Jordan’s admission to the Gulf Cooperation Council will have positive impacts, as we have stated earlier. Indeed, the Jordanian economy will witness many changes which will revive and revitalize the economic movement as a whole in the country. And this is one of the positive aspects of Jordan's admission to the Gulf Economic Community. The latter will work on financing Jordan, to help it establish many construction and commercial projects in the country. This will open horizons for new jobs in this country in which investments are limited. Besides, undertaking construction projects will contribute to recruiting many people and thus eradicating unemployment. Therefore, Jordan’s admission to the Gulf Cooperation Council is one of the things that ...

  • سياف علي

    2011-6-11

    I am certain that unity is power. The accession of Jordan to the list of the Gulf Co-operation Council (GCC) will benefit everyone, and in particular the Hashemite Kingdom of Jordan. The GCC is not limited to the Gulf States only, but any country that wants to join the Council will certainly be welcomed, and the council will contribute to greatly improving the condition of the participating countries, on the grounds that all the Arab countries need to improve their situation by getting access to opportunities, especially countries that want to develop and improve in all areas. Real cooperation will serve the people of Jordan.

  • وجدان عبيد

    2011-5-26

    The Hashemite Kingdom of Jordan is one of the most beautiful countries in the region, thanks to its distinguished geographical location, which is characterized by a nice and moderate climate, especially in summer. This attracts a lot of tourists from outside the country. Besides, Jordan is endowed with many characteristics that have increased its beauty, such as the tourist sites that can please the visitors and that include a lot of monuments and historical cities. In fact, these cities have witnessed many successive civilizations. Moreover, the monuments have added beauty to these tourist regions, such as the city of Jerash, which contains a lot of Roman monuments. In fact, these places host many artistic festivals that are organized every year in order to attract tourists from different parts of the world for the sake of enjoying these ancient monuments and this Roman amphitheater. In fact, Jordan contains a lot of archeological sites that have become a tourist destination. Besides, many of these monuments enjoy the characteristic of holiness, especially since they are mentioned in the Quran. For example, Al Rakim Cave is mentioned in the story of The People of the Cave. In fact, it is an important archeological site in Jordan. Thus, words cannot describe the beauty of Jordan. And it is endowed with a very beautiful landscape. This makes the country enjoy a real beauty that can soothe the soul. In fact, Jordan includes a lot of important tourist sites that have increased the beauty of the country. It is really very beautiful. That’s why it is a tourist destination that can attract visitors, thanks to its very special tourist sites and to its monuments and landscapes. This is in addition to the beautiful regions that are built in the mountains. Besides, there are a lot of natural places and green lands. All these factors have increased the beauty of Jordan. This makes it one of the most beautiful countries created by God.

  • حسان عبد

    2011-5-26

    Jordan's admission to the GCC represents a serious and important move to promote Arab stability. It will also help it face the current challenges and issues of the Arab nation. Indeed, Jordan has strengthened Arab solidarity among the Gulf States and worked on opening new horizons for a wider Arab cooperation. The latter will be the cornerstone to push the wheel of the economy of the member countries of the Council forward. Countries have to firmly confront and combat the counter-movements. Besides, Jordan is the core of this Council, and is also known for its impressive record favoring the Arab nation's causes.

  • ادريس عبيد

    2011-5-24

    The admission of Jordan to the Gulf Cooperation Council, or GCC, is important. The greater the number of member countries, especially Arabic countries, the better. In fact, the Gulf Cooperation Council is not limited to the Gulf States. Any county which wants to join the Council is welcome, as the benefit will be greater and broader. As a matter of fact, the Hashemite Kingdom of Jordan’s situation will become better than before, and it will witness significant improvement in terms of economic, trade and tourism growth. Many fields will prosper as well. Jordan will play a major role within the Gulf Cooperation Council. The Gulf countries have to welcome any country which wants to join the council. In fact, joining the GCC will unite the Arab countries and strengthen their cooperation. This will benefit all people and will help the success of such councils, which are based on cooperation and solidarity, and which work on effective contribution and participation, sharing ideas, proposals and opinions about the issues and problems of the Arab and Gulf countries in particular, so that the situation will become better. In fact, a country like Jordan needs to join such cooperation councils, as this will greatly benefit its people. In fact, cooperation will be fruitful and successful, God willing. The countries that cooperate and join efforts will reach the top and become stronger and more important. They will develop in record time. This will enable the countries to cooperate with other countries, to serve the Arab nation. This is what we hope for all the Arab countries. We hope there will be real and extended cooperation, so that the Arab world will regain its position among the rest of the nations, God willing. We also hope that countries and people of the same nation will forget their differences and conflicts. They must work for the development and advancement of the Arab nation. We also hope that the Arab world witnesses a state of stability, success and excellence, so as to be better than the other countries. The unity of the Arab world will be a great challenge to whoever tries to undermine its unity and divide it. Thus, there will be great cooperation among all the Arab countries, and not only the Gulf States. Now the common ambitions of Arabs have become the most important thing.

  • ADNANSAKRAN

    2011-5-17

    Since my birth, I have been hearing about Arab unity. This might be a good start of the journey towards unity!