Thursday, 15 April

Ghana, UK sign new interim trade partnership agreement

Business
Ghana, UK sign trade agreement

Ghana and the United Kingdom have signed a new Interim Trade Partnership Agreement on Tuesday, 2 March 2021.

The new agreement replaces the Interim Ghana – European Union Economic Partnership Agreement which governed trade relations between Ghana and the UK until the Interim EPA Agreement ceased to apply to the UK on December 31, 2020.

Negotiations between Ghana and the UK technical teams for this new trade framework started in March 2018. 

Speaking at the signing ceremony, Minister of Trade-designate Alan Kyerematen noted that the new agreement reaffirms the deep interest of both Ghana and the UK to strengthen “our longstanding trade and economic relationship and establishes a new framework for Ghana-UK collaboration which will contribute to sustained economic growth in Ghana.”

He said the agreement also reflects the importance that both the UK and Ghana attach to integration between the West African States within the context of the Economic Community of West African States (ECOWAS) and amongst African States within the context of the African Continental Free Trade Area (AfCFTA). 

Under the new agreement the two countries hope to build the foundation for negotiating a free trade agreement between the UK and ECOWAS which will promote regional integration, economic cooperation and good economic governance in the West African region and increase intra-regional trade.

Mr Kyerematen was of the belief that the new agreement would further support the economic and sustainable development agenda of Ghana by enhancing Ghana’s export potential and export diversification.

“In particular, it will provide duty free-quota free access for Ghanaian exports to the UK market, enhance the competitiveness of local industries and improve the business environment in Ghana through development cooperation between our two countries,” he stated.

Mr Kyerematen is also of the view that the agreement will complement priority policies and projects of the Government of Ghana, in particular, the Industrial Transformation Agenda and the National Export Development Strategy which is designed to boost industrial production and enhance export development.

He thanked the UK Government for actively supporting Ghana’s programme of developing new Strategic Anchor Industries which seek to build new economic pillars of growth and diversify the Ghanaian economy beyond cocoa and gold.  

 

Source: classfmonline.com/Emmanuel Mensah