Ghanaian exporters to the United Kingdom can from today March 5, 2021, begin enjoying the benefits inherent in the newly signed trade agreement between the two countries, even as Ghana’s Parliament works to ratify the agreement.
The new deal which has been approved by the executive will provide duty free-quota free access for Ghanaian exports to the UK market, while UK exporters to the Ghanaian market get preferential tariff reductions.
Speaking to Citi Business News on the new agreement, the Deputy Chairman of the Ghana International Trade Commission (GITC) and a negotiator for the Ghana – UK trade agreement, Professor Paul Kuruk, said he expects Parliament to ratify the agreement without delay.
“For an agreement like this to enter into effect, it has to be signed and approved by the executive, it also has to be approved by Parliament. And you can’t fix a date for the completion of the ratification process because it varies from country to country. This is why there is therefore the need that pending ratification, it should be possible for the parties to begin to enjoy the benefits of the agreement.”
“And for us, our requirements for provisional application will make it possible to begin to benefit from the terms of the agreement as of March 5, 2021. What is clear though is that the ratification by Parliament should happen very soon,” he added.
Ghana-UK finalize negotiations on new interim Trade Partnership Agreement
Ghana and the UK successfully completed negotiations on the new interim Trade Partnership 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-free and quota-free access to the UK market while UK exporters to the Ghanaian market get preferential tariff reductions.
“Ghana and the UK are pleased to announce that they have finalized negotiations on a new Interim Ghana-UK Trade Partnership Agreement. This Agreement will provide for duty-free and quota-free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market,” a joint statement from the two countries said.
They indicated that this new agreement confirms their interest in strengthening the long-standing trade and economic relationship that has existed between them.