Businesses have been advised to weigh their options by considering the opportunities they stand to gain should they opt for the deals under the Africa Continental Free Trade (AfCFTA) Agreement and the ECOWAS Trade Liberalization Scheme (ETLS).
Considering them to be spilt for choice, Fechin Akoto, the Assistant Commissioner of Customs at the Ghana Revenue Authority, speaking in an interview explained that both trading platforms have great potentials for them.
His comments come on the back of reported interruption in trade between Ghanaian manufacturing industries such as Interplast and their Benin counterpart, over the latter’s slapping of customs duties on Interplast and other businesses as a result of the exit from the ECOWAS Trade Liberalization Scheme.
Mr. Akoto further urged Ghanaian businesses to consider the bigger trade agreement for the continent and the ETLS, he aswell expressed his belief and optimism on what these businesses stand to gain in the long run, in spite of challenges.
“I don’t think there should be any trade interruption or interference because of AfCFTA, because this rather has enormous opportunity for traders and businesses on the continent”.
“You now have more choices to trade so that if one feels the ETLS is a good platform to benefit your business, just go ahead but if one also considers trading easily under AfCFTA then that is also a better opportunity for you to choose”.
Benin’s unfair trading practices to some Ghanaian businesses have sparked public outcry with their withdrawal from the Ecowas Trade Liberalization Scheme, a trade treaty which provides preferential tariff to member states under ECOWAS.
However, Mr. Akoto reckons the French speaking country cannot be touched “since Benin is yet to ratify the Continental Free Trade Agreement. There is no way we can sanction them or report to the African Union except to engage with the ECOWAS Commission on the matter”.
Last year, Benin alerted the ECOWAS trade commission of its decision to rescind on their decision to be a part of the ETLS deal awaiting discussions on the ratification of the African Continental Free Trade Agreement
Meanwhile, the Assistant Commissioner of Customs, has also disclosed that, the much talked about rules of origin of AfCFTA is well underway and eighty percent ahead to completion. Allaying fears of business owners, he explained that it is an activity which requires thoroughness and as such time is of the essence.
“People keep talking about rules of origin, that’s what they want to hear about and they keep asking: do we have enough rules of origin to trade with because they hear that we haven’t completed the rules of origin? The fact of the matter is that, really, rules of origin take a long time to initiate.
“But we have completed our negotiation to this state in about three years and I can tell you that the agreeing rules are eighty one percent complete from analysis and when you analyse what ECOWAS has offered for trading… ECOWAS has close to seventy three percent rules agreed on which we can use to trade with”.
