Ghana, EU Begin Implementation Of Interim Economic Partnership Agreement
Ghana and the European Union have started the implementation of the interim Economic Partnership Agreement (iEPA) effective 1 July 2021.
A joint statement by Valdis Dombrovskis, executive vice-president and commissioner for trade of the European Union and Alan Kyerematen, Minister for Trade and Industry said, “We are pleased to announce that 1 July 2021 marks the start of effective implementation by Ghana of the interim Economic Partnership Agreement (iEPA) between the European Union and Ghana.
“This is crucial for developing and diversification of our bilateral trade,” the statement added.
The implementation of iEPA is expected to create better opportunities for EU companies to trade and invest in Ghana and produce goods for export to the wider African market under the preferences available under the African Continental Free Trade Area (AfCFTA).
“The removal of tariffs on intermediary goods and machinery from the EU under the iEPA will mean cheaper inputs for Ghanaian production. This will also make locally produced goods more competitive and support industrial development in Ghana and the country’s integration into global value chains,” the statement added.
Read full statement below: