Ghana, UK reach trade deal worth over £1.2 billion

The cand the UK Secretary of State for International Trade, Elizabeth Mary Truss, on the eve of New Year reached a consensus on the agreement through a video conference which would see existing international trade among the two countries strengthened.

Per the agreement, Ghana would be provided with duty free and quota free access to the UK market, while same preferential tarrif reductions would be given to British exporters.

The agreement also provided the basis to replicate the effects of already established trade relationship between the country and UK underpinned by strong people to people connections which the two have said has driven economic growth, created jobs, and inspired creativity and innovation in both countries.

A joint Ministerial statement agreement regarding the deal indicated that, “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.”

The two parties have since reaffirmed their shared ambition to further deepen partnership in the future and also work with the West African partners “to make progress towards a regional agreement.”

In a tweet about the agreement, the British High Commissioner to Ghana, Ian Walker noted that last year, trade between UK and Ghana totalled more than £1.2bn and said, “Today our mutually prosperous partnership continues to strengthen as our countries reach a consensus on the main elements of a deal.”

He added “I look forward to seeing a full agreement shortly as we build back better.”

Source: Ghanaian Times