Business News of Thursday, 1 July 2021
Source: www.ghanaweb.com
2021-07-01
Alan Kyeremanten is leading the agreement on behalf of Ghana
• The EU and Ghana have officially started the agreement on the iEPA
• The iEPA will allow EU companies to trade and invest in Ghana and produce goods for exports to the wider African market
• The agreement was ratified in 2016 by Ghana although it was concluded in 2007
Effective today, July 1, 2021, Ghana has started the implementation of the interim Economic Partnership Agreement (iEPA) trading between the European Union and Ghana.
This, according to a joint statement from the Ministry of Trade and Industry and the EU, will mean that since the iEPA “guarantees duty-free quota-free access to the EU market for products made in Ghana.”
The statement continued that, “… as of today, Ghana starts liberalising access to its market for 80% of the total volume of EU exports. This is crucial for developing and diversification of our bilateral trade.”
Further, the statement explained that trading under the iEPA reaffirms the deep interest of both Ghana and the EU to strengthen their longstanding trade and economic relationship.
“Although the iEPA was concluded in December 2007, and ratified by Ghana in 2016, the implementation of the tariff liberalisation schedule was delayed pursuant to technical adjustments agreed between the EU and Ghana.
“The necessary rules of origin documents to be used for trading including the certificates of origin and origin declarations have now been developed and the codes and systems are in place for the start of the effective implementation of tariff cuts for EU products entering Ghana,” it said.
Read the full statement below:
