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United States and Ghana Chart Course for
Cooperation on Trade and Investment
Washington, D.C. – U.S. and Ghanaian trade and development
officials met today to review progress in deepening their
partnership on trade and investment issues. This was the
fifth meeting of the United States-Ghana Trade and
Investment Council since this forum for senior-level
discussions was created in 1999.
Deputy United States Trade Representative John K. Veroneau
led the U.S. delegation in which 16 U.S. Government agencies
participated. Deputy Minister of Trade and Industry Gifty
Konadu led the Ghanaian delegation. U.S. Ambassador to Ghana
Pamela Bridgewater and Ghanaian Ambassador to the United
States Kwame Bawuah-Edusei also participated in the meeting.
“Ghana is one of our most important trading partners in
Africa and is also among the leading economic reformers in
the region,” said Ambassador Veroneau. “The meeting provided
an opportunity for us to discuss a broad range of issues,
including steps to further expand and diversify the
U.S.-Ghana trade and economic relationship.”
The Trade and Investment Council, established pursuant to
the United States-Ghana Trade and Investment Framework
Agreement (TIFA), monitors trade and investment relations
and facilitates an ongoing dialogue to help increase
commercial and investment opportunities by identifying and
working to remove impediments to trade and investment flows
between the United States and Ghana.
During today’s meeting, officials from the United States and
Ghana explored several common objectives, including
cooperation in the World Trade Organization, implementation
of the African Growth and Opportunity Act (AGOA), export
diversification, intellectual property protection and
enforcement, trade capacity building and technical
assistance, and infrastructure issues.
Background:
Two-way trade between the United States and Ghana was valued
at $572 million in the first eleven months of 2007, a 31
percent increase over the same period in 2006. U.S. exports
to Ghana during this period were valued at $385 million,
increasing 44 percent, and U.S. imports from Ghana were
valued at $187 million, increasing by 11 percent. Of the
latter, imports from Ghana under AGOA and the Generalized
System of Preferences totaled $66.5 million, an increase of
53 percent, and included petroleum, apparel, yams, cassava,
cocoa paste, and wood ornaments. In the first eleven months
of 2007, over 99 percent of imports from Ghana entered the
United States duty-free. In July 2007, Ghana hosted the
Sixth U.S.-Sub-Saharan Africa Trade and Economic Cooperation
Forum, also known as “The AGOA Forum.”
The United States has signed TIFAs with countries throughout
the world in order to enhance trade ties and improve
coordination on multilateral issues through regular senior
level discussions on trade and economic issues.
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