Ghana, UK finalises trade partnership agreement

by Business Zone

Ghana and the United Kingdom have signed a new interim Trade Partnership Agreement after days of negotiations, ending the Transition Period following the withdrawal of UK from the European Union

The agreement is expected to provide for duty free and quota free access for Ghanaian goods to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market.

According to a statement released by the Ministry of Trade and Industry, “the agreement will enter into effect following the completion of relevant internal procedures required in both Ghana and the UK”.

Earlier this year, UK companies threatened to reject imports from Ghana as the country and Britain failed to reach a trade agreement, post Brexit.

Banana farmers were the hardest hit, losing about 20% of their exports to the UK and could have lost about 70% more if the agreement was not finalized.

Read the full statement

The new agreement is said to reaffirm the deep interest of both Ghana and the UK to strengthen their longstanding trade and economic relationship.

The agreement also reflects the importance of 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.

Source: businesszoneonline

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