Ghana and the United Kingdom (UK) have reached a consensus on a new trade agreement to provide duty free and quota free access, as well as preferential tariff reductions for both countries.
The consensus was reached after a video conference between Ghana’s Minister of Trade and Industry Alan Kyerematen, and the UK Secretary of State for International Trade Rt Hon Liz Truss, MP.
“Today we are pleased to announce that we have reached a consensus on the main elements of a new trade agreement. This provides the basis to replicate, the effects of the existing trade relationship between the UK and Ghana – a relationship which is underpinned by our strong people to people connections and has driven economic growth, created jobs, and inspired creativity and innovation in both our countries,” a statement issued by the UK government said.
It explained that the intention is for the Agreement to provide duty free and quota free access for Ghana and the same preferential tariff reductions for British exporters as provided by the arrangement that is currently in force.
“We intend over the next few weeks 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”.
“We re-affirm our shared ambition to further strengthen our partnership in the future and to work with the West African partners to make progress towards a regional agreement,” the statement stressed.
Ghana imports from United Kingdom was US$685.55 Million during 2019, according to the United Nations COMTRADE database on international trade.
According to POLITICO, in 2019, the U.K.’s total trade with Ghana was worth £1.2 billion.
Ghana exported around 20 million pounds of bananas to the U.K. last year, about 40 percent of its total production.
Roughly 45 percent of Ghana’s total exports to the U.K. last year were agri-food products.