The implementation of the interim Economic Partnership Agreement (iEPA) between the European Union and Ghana takes off from today.

This means the EU market will accepts goods from Ghana on the duty-free quota-free access policy , whilst the country also liberalize access to its market for 80% of the total volume of EU exports, a statement from Trade and Industry Ministry indicated.

Executive Vice-President and Commissioner for Trade of the European Union, Valdis Dombrovskis and Alan Kyerematen, Minister for Trade and Industry of Ghana, announced the decision.

The statement said “this is crucial for developing and diversification of our bilateral trade. It also creates 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.”

Furthermore, “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.”

In addition, the statement said trade-related development cooperation under the iEPA will facilitate reforms of the fiscal revenue system, improve the business environment and promote the upgrading of the productive sectors in Ghana.

Although the iEPA was concluded in December 2007, and ratified by Ghana in 2016, the implementation of the tariff liberalization 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.

Trading under the iEPA the statement noted reaffirms the deep interest of both Ghana and the EU to strengthen their longstanding trade and economic relationship.

It also underscores their shared ambition to enhance relations between the EU and the Economic Community of West African States (ECOWAS) and African States more broadly.