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by Bobbie Osei Mar 5, 2021 in Economy, Government, Local Economy, News, Highlights
Exporters from Ghana to the UK can, as of today, March 5, 2021, begin to enjoy the benefits inherent in the newly signed trade agreement between the two countries, even as the Ghanaian Parliament works to ratify the agreement.
The new agreement that has been approved by the executive will provide duty and quota free access for Ghanaian exports to the UK market, while UK exporters to the Ghana market will get preferential tariff reductions.
Speaking to Citi Business News about the new deal, the vice chairman of the Ghana International Trade Commission (GITC) and negotiator of the Ghana-UK trade deal, Professor Paul Kuruk, said he hopes Parliament will ratify the deal. Without delay.
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“For an agreement like this to take effect, it has to be signed and approved by the executive, it also has to be approved by Parliament. And you can’t set a date for the end of the ratification process because it varies from country to country. That is why it is necessary that, pending ratification, it is possible for the parties to start enjoying the benefits of the agreement ”.
“And for us, our provisional application requirements will allow us to start benefiting from the terms of the agreement as of March 5, 2021. What is clear is that ratification by Parliament must occur very soon,” he added.
Ghana-UK finalize negotiations on a new interim Trade Partnership Agreement
Ghana and the UK successfully completed negotiations on the new interim Trade Association Agreement between the two countries earlier this week.
The new agreement will take effect immediately after both countries finalize their internal procedures to accommodate the concessions.
As part of the new agreement, Ghana will get duty and quota free access to the UK market, while UK exporters to the Ghana market will get preferential tariff reductions.
“Ghana and the UK are pleased to announce that negotiations on a new Interim Trade Partnership Agreement between Ghana and the UK have been finalized. This Agreement will provide duty and quota free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghana market, ”said a joint statement from the two countries.
They indicated that this new agreement confirms their interest in strengthening the long-standing commercial and economic relationship that has existed between them.
