Ghana-UK interim trade pact takes off today
Ghana’s interim trade partnership agreement with the United Kingdom is set to commence today, October 1, 2021.
The trade pact seeks to reaffirm the deep interest of both Ghana and the UK to strengthen their longstanding trade and economic relationship through tariff-free trade transactions in both markets.
Minister for Trade and Industry, Alan Kyerematen, announced the commencement of the trade partnership during the swearing-in and inauguration of the new Governing Board of the Ghana Standards Authority (GSA) on Wednesday, September 29, 2021.
The trade agreement is expected to support businesses to increase their processes, encourage innovation in the market and create jobs as the country recovers from the ravaging effects of the coronavirus pandemic.
The Minister, announcing the commencement of the agreement, added that other market integration frameworks such as the African Continental Free Trade Area (AfCFTA), and the EU-Ghana Economic Partnership Agreement are already being implemented.
He therefore, urged the newly-inaugurated Board of the Ghana Standards Authority to support government’s flagship programmes.
“Ghana has signed on to a number of major international trade agreements including the African Continental Free Trade Area.
“We’ve also started implementing the new Ghana-EU economic partnership agreement which opens up the entire EU market to Ghana duty-free-quota-free.”
“On October 1, we’ll also start implementing the Ghana-UK interim trade partnership and investment agreement,” he said.
Ghanaian products including bananas, tinned tuna and cocoa will benefit from tariff-free access to the United Kingdom once the agreement takes effect.
Ghana’s largest exports to the UK include mineral fuels and oil and cocoa. Its top imports include textiles, machinery and mechanical appliances, and chemical products from the UK.
