By Richard Adorsu-
NEW AFRICA BUSINESS NEWS (NABN) Accra- Ghana has on March 3, 2021 signed a trade partnership agreement with UK that secures tariff-free trade and provides a platform for greater economic and cultural cooperation.
The deal supports a trading relationship worth £1.2 billion and reinstates the terms of the economic partnership agreement between the two sides when the UK was part of the EU. It means Ghanaian products including bananas, tinned tuna and cocoa will benefit from tariff free access to the United Kingdom. UK exports are also in line to benefit from tariff liberalization from 2023, including machinery, electronics and chemical products.
The agreement was signed by Secretary of State for International Trade Liz Truss and Ghana’s Acting High Commissioner to the UK, Peprah Ampratwum, at the Department for International Trade in central London.
Secretary Truss was joined on a video call by Ghana’s Minister-Designate for Trade and Industry, Alan Kyerematen, to mark the signing.
International Trade Secretary Truss said: “I am delighted to be able to sign this deal with our friends and partners in Ghana. It provides certainty for businesses that provide vital jobs and livelihoods in Ghana, and it strengthens the ties between our two countries.
“We can now look forward to deepening and furthering our relationship in future, and working together to secure a broader agreement with the West Africa Region.” Minister for International Trade Ranil Jayawardena said: “This deal secures tariff-free access for products that British shoppers love – and supports jobs in Ghana – paving the way for further economic growth as we build back better from COVID-19.
“It is further evidence of the UK’s determination to champion free trade around the world, which fosters growth, creates jobs and raises living standards for all.”
UK Minister for Africa James Duddridge said: “The UK and Ghana have a strong partnership and the signing of today’s agreement marks an important moment for boosting trade, worth £1.2 billion, between our two nations.
“With tariff-free access for Ghana to the UK, it will enable businesses to scale up their operations, support innovation in markets and create jobs as we recover together from the coronavirus pandemic.”
Ghana’s largest exports to the UK includes oil, fish, fruits, and cocoa. Its top imports include clothing/textiles, machinery and mechanical appliances, and chemical products from the UK.
For New Africa Business News Richard Adorsu Reports, Africa Correspondent
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