Representatives from the Ghana Investment Promotion Centre (GIPC) and the Ghana Export Promotion Authority (GEPA) have initiated discussions with authorities from Trinidad and Tobago to explore the possibility of implementing Double Taxation and Bilateral Investment treaties.
The aim of these discussions is to bolster the trade exchange between the two nations.
These deliberations took place during a meeting between the delegation and members of Trinidad and Tobago’s Chamber of Industry and Commerce (TT Chamber) in the previous week.
The Ghanaian delegation also pinpointed key sectors within Trinidad and Tobago, particularly the manufacturing sector, as fertile ground for forging partnerships with Ghanaian small and medium-sized enterprises (SMEs).
During the meeting, Mr. Yofi Grant, the CEO of the GIPC, expressed the viewpoint that a collaborative effort between the two countries holds the potential for mutually advantageous outcomes.
He emphasized the significance of taking into account each nation’s economic circumstances and contributions.
“For us in Ghana, partnerships for linkages and trade are key because we do have significant raw material for which we want to add value and then export, and I believe that T&T is really the industrial powerhouse of the Caribbean so there is a lot to learn. But there is also a lot to trade not only in goods but services, particularly in the oil and gas sector where Trinidad and Tobago seem to have built some capacity and experience which they can leverage in Ghana,” he said.
The CEO of GEPA, Dr. Afua Asabea Asare also mentioned plans to establish a Ghana Trade House in Trinidad and Tobago “which will bring the cultural aspect, the trade aspect and everything together in a space where people can come in and see what Ghanaians offer”.
The TT Chamber announced that it will undertake an audit of its members who are already conducting business in Africa in order to facilitate the collaboration between the two nations. This audit will serve as the basis for further engagements.
The Chamber stated that in order to ensure efficient and successful collaboration, it will create a liaison with GIPC.
According to the TT Chamber president, Kiran Maharaj “the opportunities in Ghana are very promising, and it is apparent that they have built an economy and business environment that attract investment from committed partners such as TT’s business community. There are several synergies regarding our culture and the way in which we do business. I am certain there will be many benefits to both countries, not just from the exchange of knowledge and expertise but from investment opportunities, partnerships, and other significant pathways”.
The TT Chamber expressed interest and commitment in developing close relationships with Ghana and utilizing knowledge to advance manufacturing and economic development in both nations.
Meeting with T&T Trade Minister
The Ghanaian delegation furthered the conversations on exploring new trade and investment opportunities in a meeting with the Trade Minister of Trinidad and Tobago, Paula GopeeScoon, as well as other officials including; President of the Trinidad and Tobago Manufacturers’ Association (TTMA), Roger Roach, and CEO of the Trinidad and Tobago Chamber of Industry and Commerce, Stephen De Gannes.
Minister Gopee-Scoon acknowledged the many opportunities for trade and investment between Trinidad and Tobago and Ghana. She noted that the bilateral engagements will foster mutually beneficial partnerships, cultural exchanges and economic growth across both nations.
She reiterated T&T’s commitment to strengthening economic ties with Ghana, and by extension Africa.
At the meeting, the CEO of GEPA, Dr Afua Asabea Asare discussed plans to export Ghana’s native fabrics and prints into the Caribbean, where there is considerable demand. The Centre’s CEO, Yofi Grant also negotiated agreements to have a Trinidad and Tobago steelpan band and masquerades participate in this year’s edition of the Taste of Ghana.
Meanwhile, the TTMA, together with ExporTT, have committed to work towards a trade and investment mission to Ghana in early 2024.
Further, a commitment has been made by both parties to accelerate the ongoing negotiations for a Reciprocal Protection and Promotion of Investments Agreement (RIPPA), with the aim of reaching an agreement by the end of 2023.