After years of negotiations, a new Interim Trade Partnership Agreement between the Republic of Ghana and the United Kingdom of Great Britain and Northern Ireland has been signed.
The new Agreement replaces the Interim Ghana – European Union Economic Partnership Agreement which governed trade relations between Ghana and the UK until the Interim EPA Agreement ceased to apply to the UK on December 31, 2020.
In his remarks on the new interim trade agreement, Trade Minister-designate, Alan Kyerematen stated that, negotiations between the technical teams of Ghana and the UK for this new trade framework started in March 2018 and as is often the case with trade agreements, it has taken a bit of time for consensus to be reached on the fundamental elements of the new Agreement.
The Trade Minister-Designate also expressed his pleasure with both the UK and Ghana for agreeing to use the Regional EPA text for ECOWAS as the basis for this new Agreement.
The new Agreement according to him, reaffirms the deep interest of both Ghana and the UK to strengthen their long-standing trade and economic relationship and establishes a new framework for Ghana-UK collaboration which will contribute to sustained economic growth in Ghana.
Mr. Kyerematen finally added that he believes the new Agreement would further support the economic and sustainable development agenda of Ghana by enhancing Ghana’s export potential and export diversification.
In particular, it will provide duty free-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 our two countries.