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Business news for Wednesday, March 3, 2021
Source: GNA
2021-03-03
Alan John Kwadwo Kyerematen, Proposed Minister of Commerce and Industry
Alan John Kwadwo Kyerematen, appointed Minister of Trade and Industry, praised the new Interim Trade Partnership Agreement between Ghana and the United Kingdom (UK) on Tuesday.
“The new Agreement reaffirms the deep interest of both Ghana and the United Kingdom in strengthening our long-standing commercial and economic relationship and establishes a new framework for collaboration between Ghana and the United Kingdom that will contribute to sustained economic growth in Ghana,” he commented Kyerematen at the signing of the new Interim Trade Partnership Agreement between Ghana and the UK.
The new Agreement replaces the Interim Economic Partnership Agreement between Ghana and the European Union that governed trade relations between Ghana and the United Kingdom until the EPA Interim Agreement ceased to apply to the United Kingdom on December 31, 2020.
The agreement was signed by Peprah Ampratwum, Ghana’s Acting High Commissioner to the UK, and Ms Liz Truss, UK Secretary of State for International Trade and the Department for International Trade in central London, and Kyerematen joined to them in a video call.
Negotiations between the Ghanaian and UK technical teams for this new trade framework began in March 2018 and, as is often the case with trade agreements, the negotiations have taken quite some time for two nations to reach consensus on the fundamentals. of the new commercial framework. Agreement.
Mr. Kyerematen said he is pleased that both Ghana and the United Kingdom have agreed to use the text of the Regional Economic Partnership Agreement (EPA) for the Economic Community of West African States (ECOWAS) as the basis for this new Agreement.
He said that the Agreement also reflected the importance that both Ghana and the United Kingdom attached to integration between West African States in the context of ECOWAS and between African States in the context of the African Continental Free Trade Area (AfCFTA). .
“Under the new Agreement, we hope to lay the groundwork for negotiating a free trade agreement between the UK and ECOWAS, which will promote regional integration, economic cooperation and good economic governance in the West African region and increase intra-regional trade. “, He said. .
“I believe that the new Agreement would further support Ghana’s economic and sustainable development agenda by enhancing Ghana’s export potential and diversifying exports.”
In particular, he said it would provide duty and quota free access for Ghanaian exports to the UK market, enhance the competitiveness of local industries and improve the business environment in Ghana through development cooperation between the two countries.
“I also believe that the Agreement will complement the priority policies and projects of the Government of Ghana, in particular the Industrial Transformation Agenda and the National Export Development Strategy, which are designed to boost industrial production and enhance export development.” , He said.
The designated Trade Ministers thanked the UK Government for actively supporting our Strategic Anchor New Industries development program “which seeks to build new economic pillars of growth and diversify Ghana’s economy beyond Cocoa and Gold.”
He made special mention of the support Ghana had received from the UK Government in the development of the automotive industry, as well as the pharmaceutical and clothing industries.
He said that it could not have been a better time than now for the UK and Ghana to sign this new Agreement, which would hopefully provide the stimulus for the revitalization of the economies of our two countries, particularly in a post-COVID era.
For her part, Madam Truss said: “I am delighted to be able to sign this agreement with our friends and partners in Ghana.
“It provides certainty to businesses that provide jobs and vital livelihoods in Ghana and strengthens ties between our two countries.
“Now we can look forward to deepening and promoting our relationship in the future, and working together to secure a broader agreement with the West African Region.”
Mr James Duddridge, UK Minister for Africa, said: “The UK and Ghana have a strong partnership and today’s signing of the agreement marks an important moment to boost £ 1.2bn worth of trade, between our two nations.
“With Ghana’s duty-free access to the UK, it will enable businesses to expand their operations, support innovation in markets and create jobs as we recover together from the coronavirus pandemic.”
Iain Walker, British High Commissioner in Ghana, said: “Today’s signing marks the next chapter of the UK-Ghana partnership strengthened through trade and economic growth.
“This agreement will support vital jobs and ensure certainty for businesses in our two nations.
“As we also see the launch of the COVAX vaccine in Ghana, the agreement comes as both countries continue to rebuild better in the wake of COVID-19.”
