AGI, Trinidad and Tobago counterpart to deepen relations

The Association of Ghana Industries (AGI) and its Trinidad and Tobago counterpart have signed a memorandum of understanding (MoU) to deepen trade relations between the two countries. 

The agreement which was signed in Accra last Tuesday, hinges on technology transfer initiatives in the oil and gas industry, as well as value addition to raw materials and export promotion.

It was witnessed by the Minister of Trade and Industry, Kobina Tahir Hammond, and the Minister of Trade and Industry of Trinidad and Tobago, Paula Gopee-Scoon.

The agreement had become necessary to shore up trade which has been relatively low between the two countries, with a total trade of $4.45 million in 2022, a cumulative trade of $19.5 million from 2018 to 2022, and a balance of trade (BoT) deficit of $18 million, largely in favour of Trinidad and Tobago. 

Partnership

The minister said it was important for the private sector to look beyond the shores of the country for economic partnerships that would propel development.

He said although Trinidad and Tobago was relatively a small country with a population of about 1.5 million citizens, its booming oil and gas industry had made it rich and, therefore, worthy of partnership.

Mr Hammond said export between the two countries had increased at an annualised rate of 6.76 per cent from $0.15 million in 1995, to $0.86 million, while Trinidad and Tobago's exports to Ghana had increased at an annualised rate of 24 per cent from $0.13 million in 1995, to  $4.36 million over the last 27 years.

For her part, Ms Gopee-Scoon, who is visiting Africa for the first time, said there were several areas of collaboration that would be beneficial to both countries.

She said businesses in her country were looking forward to partnerships with Ghanaian entities that were focused on agro processing, especially coconut and cocoa.

Ms Gopee-Scoon, therefore, urged the private sector to visit her country to explore more opportunities.

She also pledged the commitment of her country to support Ghana in her development trajectory. 

Significance

The AGI President, Kwesi H. Ayim Darke, told the Daily Graphic that the partnership encompassed various sectors of business, marking a significant milestone in fostering stronger ties between the two countries.

He said through the agreement, both parties aimed to enhance economic growth and promote mutual prosperity through shared expertise and resources.

Mr Ayim added that the agreement was a crucial step towards bolstering economic development in the two countries by leveraging the strengths and capabilities of the private sectors. 

“The partnership is poised to bring about numerous benefits to the economy from collaborations in key areas such as technology, manufacturing and services,” he added.