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Britain has struck a £ 1.2 billion trade deal with Ghana, International Trade Secretary Liz Truss said.
A joint statement from the two countries said: “Today Ghana and the UK are pleased to announce that they have finalized negotiations on a new Interim Trade Partnership Agreement between Ghana and the UK. This agreement provides for duty-free and quota-free access for Ghana to the UK market and preferential tariff reductions for UK exporters to the Ghanaian market.
“The agreement will enter into force after the completion of the relevant internal procedures required in Ghana and the United Kingdom.”
It comes after negotiators finalized the outline of a deal on December 31.
Since then, the two sides have been striving to reach agreement on the finer details of the pact.
Ms Truss’ department has signed more than 60 trade agreements in the past 18 months, more than any country has ever achieved in the same period.
Earlier this year, the Minister presented a bold vision in the House of Commons to boost UK trade with its international partners.
She said: “In less than two years we have concluded trade deals covering 63 countries plus the EU which is worth £ 885 billion.
“It’s unprecedented. No other country has negotiated so many trade agreements simultaneously.
“In 2021, we will add to these agreements.”
The agreement with Ghana is expected to be signed soon and precedes the planned pacts with Australia and New Zealand.
“There is a race between Australia and New Zealand,” said a senior official at the Department of International Trade.
“They should both be around Easter, maybe earlier if that goes well.”
Speaking to City AM, the official said negotiations with New Zealand and Australia were “neck and neck”.
A spokesperson for the Department of International Trade said: “We are committed to achieving ambitious free trade agreements with Australia and New Zealand as soon as possible, exploiting the opportunity to negotiate innovative trade agreements and high quality with liberal, like-minded trading nations.
Last week, the UK also formally applied to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Prime Minister Boris Johnson has placed the UK’s membership in the group at the heart of trade plans in 2021.
The CPTPP is a free trade agreement between 11 countries centered around the Pacific.
Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam, and Japan are all in the group.
Mr Johnson said last week: ‘A year after leaving for the EU, we are forging new partnerships which will bring enormous economic benefits to the British people.
“Applying to become the first new country to join the CPTPP demonstrates our ambition to do business on the best terms with our friends and partners around the world and to be a strong champion of global free trade.
Source: Express.co.uk
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