Ghana pursues Double Taxation, Bilateral Investment Treaties with Trinidad and Tobago
Ghana pursues Double Taxation, Bilateral Investment Treaties with ... GhanaWeb
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A delegation from Ghana engages with Trinidad and Tobago on Double Taxation and Bilateral Investment Treaties
Paula GopeeScoon and Yofi Grant
Introduction
A delegation from the Ghana Investment Promotion Centre (GIPC) and the Ghana Export Promotion Authority (GEPA) recently held talks with authorities of Trinidad and Tobago to discuss the possibility of implementing Double Taxation and Bilateral Investment treaties. The aim of these treaties is to enhance trade flow between the two nations.
Key Sectors for Partnership
The Ghanaian delegation identified Trinidad and Tobago’s manufacturing sector as a prime area for partnerships with Ghanaian SMEs. The Centre’s CEO, Mr. Yofi Grant, emphasized the potential for mutually beneficial outcomes through collaboration, considering each country’s economic situations and contributions.
- Trade and Linkages
- Value Addition and Export
- Opportunities in Goods and Services
- Oil and Gas Sector
Establishing a Ghana Trade House
The CEO of GEPA, Dr. Afua Asabea Asare, mentioned plans to establish a Ghana Trade House in Trinidad and Tobago. This trade house will serve as a space where people can explore Ghanaian offerings, including cultural aspects and trade opportunities.
Collaboration Facilitation
To facilitate collaboration between the two countries, the Trinidad and Tobago Chamber of Industry and Commerce (TT Chamber) will conduct an audit of its members already doing business in Africa. This audit will serve as a starting point for future engagements. The TT Chamber also expressed its commitment to establishing a liaison with GIPC to ensure efficient and effective collaboration.
Promising Opportunities in Ghana
The President of the TT Chamber, Kiran Maharaj, highlighted the promising opportunities in Ghana and the synergies between the two countries’ cultures and business practices. He expressed confidence that both countries would benefit from knowledge exchange, expertise sharing, investment opportunities, partnerships, and other significant pathways.
Meeting with T&T Trade Minister
The Ghanaian delegation also met with Trinidad and Tobago’s Trade Minister, Paula GopeeScoon, along with other officials including the President of the Trinidad and Tobago Manufacturers’ Association (TTMA) and the CEO of the Trinidad and Tobago Chamber of Industry and Commerce. Minister Gopee-Scoon acknowledged the opportunities for trade and investment between the two countries and emphasized the potential for mutually beneficial partnerships, cultural exchanges, and economic growth.
Exporting Ghana’s Native Fabrics and Prints
During the meeting, plans were discussed to export Ghana’s native fabrics and prints into the Caribbean, where there is considerable demand. Agreements were also negotiated to have a Trinidad and Tobago steelpan band and masquerades participate in this year’s edition of the Taste of Ghana.
Future Trade and Investment Mission
The TTMA, together with ExporTT, committed to working towards a trade and investment mission to Ghana in early 2024. Both parties also pledged to accelerate ongoing negotiations for a Reciprocal Protection and Promotion of Investments Agreement (RIPPA) with the aim of reaching an agreement by the end of 2023.
SDGs, Targets, and Indicators
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SDG 8: Decent Work and Economic Growth
- Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- Indicator 8.1.1: Annual growth rate of real GDP per capita.
The article discusses the potential for trade and investment between Ghana and Trinidad and Tobago, which aligns with SDG 8’s focus on promoting sustained economic growth, higher levels of productivity, and decent work for all. The collaboration between the two countries aims to enhance trade flow and create partnerships in sectors such as manufacturing. This supports Target 8.1, which emphasizes the need for sustained economic growth. The indicator 8.1.1, which measures the annual growth rate of real GDP per capita, can be used to track progress towards this target.
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SDG 9: Industry, Innovation, and Infrastructure
- Target 9.3: Increase the access of small-scale industrial and other enterprises to financial services, including affordable credit, and their integration into value chains and markets.
- Indicator 9.3.1: Proportion of small-scale industries in total industry value added.
The article highlights the potential partnerships between Ghanaian SMEs and the manufacturing sector in Trinidad and Tobago. This aligns with SDG 9’s focus on promoting inclusive and sustainable industrialization and fostering innovation. Target 9.3 specifically addresses the need to increase access to financial services and integrate small-scale enterprises into value chains and markets. The indicator 9.3.1, which measures the proportion of small-scale industries in total industry value added, can be used to measure progress towards this target.
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SDG 17: Partnerships for the Goals
- Target 17.6: Enhance North-South, South-South, and triangular regional and international cooperation on and access to science, technology, and innovation and enhance knowledge sharing on mutually agreed terms, including through improved coordination among existing mechanisms, particularly at the United Nations level, and through a global technology facilitation mechanism.
- Indicator 17.6.1: Number of science and/or technology cooperation agreements and projects between countries.
The article emphasizes the importance of collaboration and partnerships between Ghana and Trinidad and Tobago. This aligns with SDG 17’s focus on strengthening global partnerships for sustainable development. Target 17.6 specifically addresses the need to enhance regional and international cooperation on science, technology, and innovation. The indicator 17.6.1, which measures the number of science and/or technology cooperation agreements and projects between countries, can be used to measure progress towards this target.
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | Indicator 8.1.1: Annual growth rate of real GDP per capita. |
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.3: Increase the access of small-scale industrial and other enterprises to financial services, including affordable credit, and their integration into value chains and markets. | Indicator 9.3.1: Proportion of small-scale industries in total industry value added. |
| SDG 17: Partnerships for the Goals | Target 17.6: Enhance North-South, South-South, and triangular regional and international cooperation on and access to science, technology, and innovation and enhance knowledge sharing on mutually agreed terms, including through improved coordination among existing mechanisms, particularly at the United Nations level, and through a global technology facilitation mechanism. | Indicator 17.6.1: Number of science and/or technology cooperation agreements and projects between countries. |
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Source: ghanaweb.com
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