The Ministry of Trade and Industry has announced that Ghana and the United Kingdom have finalized agreement on the Ghana-UK Trade Partnership Agreement.
In a joint statement issued by Ghana and the UK, it explains that on 31st December, 2020 the two countries “had reached a consensus on the main elements of a trade agreement that would replicate the effects of the trade relationship between Ghana and the UK prior to the end of the Transition Period following the withdrawal of the UK from the European Union. They stated their intention to finalise the text of the agreement to reflect progress made in relation to rules of origin, cumulation arrangements, time-bound commitments, provisions for development cooperation and commitments to human rights and good governance”.
This agreement is giving Ghana duty free and quota free access for Ghana to the UK market and “preferential tariff reductions for UK exporters to the Ghanaian market”.
The agreement takes effect after all relevant internal procedures for both countries are exhausted.
It further explains that the partnership agreement has taken into consideration the relevance of integration between ECOWAS and other African states within the context of the Intercontinental Free Trade Area and therefore this partnership reflects same.
“The new Agreement reaffirms 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. The Agreement further underscores their shared ambition to enhance relations between the UK, ECOWAS and African States more broadly”.