Mr Alan John Kwadwo Kyerematen, Minister-designate for Trade and Industry, lauded the Ghana-United Kingdom (UK) Interim Trade Partnership Agreement on Tuesday, 2nd March,2021.
Mr Kyerematen said at the signing of the new Interim Trade Partnership Agreement between Ghana and the United Kingdom, “The new Agreement reaffirms both Ghana and the United Kingdom’s deep involvement in improving our longstanding trade and economic relationship and provides a new structure for Ghana-UK cooperation that will lead to sustained economic growth in Ghana.”
The new agreement replaces the Interim Ghana-EU Economic Partnership Agreement, which regulated Ghana-UK trade ties until December 31, 2020, when the Interim EPA Agreement ceased to apply to the UK.
At the Department for International Trade in central London, Mr Peprah Ampratwum, Ghana’s Acting High Commissioner to the UK, and Madam Liz Truss, the UK Secretary of State for International Trade, signed the agreement, with Mr Kyerematen joining them via video call.
The technical teams from Ghana and the United Kingdom began negotiating this new trade arrangement in March 2018, and as is typical of trade agreements, it has taken a long time for the two countries to reach an agreement on the basic elements of the new agreement.
Mr Kyerematen expressed his delight that both Ghana and the United Kingdom agreed to use the Regional Economic Partnership Agreement (EPA) text for the Economic Community of West African States (ECOWAS) as the basis for this new agreement.
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He added that the agreement reflected the emphasis that both Ghana and the United Kingdom put on integration between West African countries within the ECOWAS and between African countries within the African Continental Free Trade Area (AfCFTA).
“Under the new Agreement, we hope to lay the groundwork for the UK and ECOWAS to negotiate a free trade agreement that will encourage regional integration, economic cooperation, and good economic governance in the West African region, as well as increase intra-regional trade,” he said.
“I believe the new Agreement will benefit Ghana’s economic and sustainable development agenda by growing Ghana’s export capacity and diversifying its export base.”
He claimed that through development cooperation between the two countries, Ghanaian exports would have duty-free and quota-free access to the UK market, enhancing the competitiveness of local industries and improving the business climate in Ghana.
“I also believe the Agreement will complement the Government of Ghana’s priority policies and projects, especially the Industrial Transformation Agenda and the National Export Growth Strategy, both of which are aimed at boosting industrial production and enhancing export development,” he added.
The designate Trade Ministers thanked the UK Government for “actively promoting our program of developing new Strategic Anchor Industries,” which aims to diversify Ghana’s economy beyond Cocoa and Gold.
He explicitly stated the support Ghana had earned from the UK government in the growth of the automobile, textile, and pharmaceutical industries.
He noted that there could not have been a better time for the UK and Ghana to sign this new agreement, which he hopes will provide a catalyst for the revitalization of our two economies, particularly in the post-COVID period.
“I am pleased to be able to sign this agreement with our friends and partners in Ghana,” Madam Truss said.
“It provides assurance for companies in Ghana that provide vital jobs and livelihoods, and it strengthens our bilateral relations.”
“In the future, we can look forward to deepening and extending our relationship, as well as working together to secure a wider agreement with the West Africa Region.”
“The UK and Ghana have a great relationship, and the signing of today’s agreement marks a significant moment for enhancing trade worth £1.2 billion between our two countries,” said Mr James Duddridge, the UK Minister for Africa.
“With tariff-free entry to the UK for Ghana, companies will be able to expand their operations, promote industry innovation, and build jobs as we recover from the coronavirus pandemic together.”
‘Today, the UK and Ghana signed a new Trade Cooperation Agreement to improve our trading relationship,’ said Mr Iain Walker, British High Commissioner to Ghana. This agreement preserves our rising £1.2 billion bilateral trade and opens up many opportunities as we work together to increase living standards and create employment.’
“As the COVAX vaccine is being rolled out in Ghana, the agreement comes as both countries begin to rebound from COVID-19.”
SOURCE: ATLFMONLINE
