Ghana-Trinidad Relations: Trinidadian Trade Minister announces 2nd round negotiations on bilateral investment protection pact
Trade Minister of Trinidad and Tobago, Paula Gopee-Scoon, has announced a second round negotiations on the Reciprocal Protection and Promotion of Investments Agreement (RIPPA) between Ghana and Trinidad and Tobago.
Making the assertion addressing the Trinidad and Tobago Trade Mission to Ghana on Tuesday, March 12, 2024, Minister Paula Gopee-Scoon, averred the negotiations will kick start in May this year.
Both countries have been working on a bilateral investment treaty known as the Reciprocal Protection and Promotion of Investments Agreement (RIPPA). The treaty was expected to have been finalized by the end of 2023.
“Ghana and Trinidad and Tobago are looking forward to continuing negotiations on the RIPPA in May this year,” she remarked, expressing the commitment of both countries to reach an agreement this year.
The Trade Mission, Minister Paula Gopee-Scoon noted, aims to provide exporters of Trinidad and Tobago marketing and networking opportunities with businesses in Ghana.
Speaking on behalf of the Trade Mission was Roger Roach, President of the Trinidad and Tobago Manufacturers’ Association (TTMA), who quipped the Trade Mission has been made possible due to the open-minded, courageous and opportunistic nature of the private sector of Trinidad and Tobago.
“There are a lot of companies in the sectors of construction, logistics, food and beverage from Trinidad who are willing to do business in Ghana. And not only are we here to sell our products, but also seek raw materials, we came to trade both ways and see what Ghana also has to offer Trinidad and Tobago,” he posited.
On his part, Managing Director of the Republic Bank Ghana, Benjamin Dzoboku, averred he is excited about the numerous trade benefits the Trade Mission from Trinidad and Tobago will bring to both countries.
“Republic Bank is delighted to be associated with the Trade Mission, the bank has facilitated several trade transactions between both countries. Ghana is known as one of the best investment destinations in Africa and I urge businesses from Trinidad and Tobago to explore the many opportunities in the country particularly in the area of agriculture and FinTech,” he stated.
The Trade Mission, organized by the Trinidad and Tobago Manufacturers’ Association (TTMA) and ExporTT comprises 21 companies from the Food and Beverage, Chemical and Household, Construction and Apparel and Textiles and Financial services sector.
Also on the Trade Mission are representatives from the Tobago House of Assembly (THA) and trade-related state agencies including the Export-Import Bank of Trinidad and Tobago (EximBank) and NEDCO.
The Trade Mission to Ghana aims to:
- Determine business opportunities within the Ghanaian market for Trinidad and Tobago companies;
- Source possible raw materials and finished products for local producers in Trinidad and Tobago;
- Look at possible investment opportunities in the Ghanaian markets;
- Take strategic business and logistical contacts (e.g. distributors, market agents and companies, and
- Increase awareness of Ghana’s business contacts to Trinidad and Tobago’s manufactured products.
The Trade Minister Paula Gopee-Scoon said during 2018-2022, Trinidad and Tobago has maintained a positive trade balance with Ghana.
During this period, Trinidad and Tobago averaged $15.2 million in exports to Ghana and TT$0.6 million in imports annually.
In 2022, Trinidad and Tobago’s trade balance with Ghana increased by 24.7 percent moving from a surplus of TT$23.6 million in 2018 to a surplus of TT$29.5 million in 2022.
In 2022, Trinidad and Tobago’s top exports to Ghana included liquefied butanes, mechanical appliances, petroleum oils, gaskets and pipes. Trinidad and Tobago’s top imports from Ghana for 2022 included mainly non-energy products such as cocoa butter, clothing, make-up, soap, and cassava farine.
The 2024 Trade Mission to Ghana comes on the heels of the 21st Annual Trans-Atlantic Trade and Investment Forum, held in Port of Spain in July 2023.
Following that meeting, the Minister of Trade and Industry hosted a high-level meeting with representatives from TTMA, exporTT, and key organizations from Ghana, including the Ghana Investment Promotion Centre (GIPC), to explore new opportunities for bilateral trade and investment. In that meeting, interest was expressed in developing partnerships and deepening cooperation between both countries.
