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WTO TFA IFS warns Ghana of potential trade war as WTO agreement enters into full force

The Institute of Fiscal Studies (IFS) Ghana, has cautioned Ghana against trade war as the World Trade Agreement (TFA) enters into full force.

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Containers at the port

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The Institute of Fiscal Studies (IFS) Ghana, is cautioning the Ghanaian government against trade war as the world trade agreement (TFA) enters into full force.

Under the TFA, nations which are signatories to the agreement are expected to simplify and standardize customs procedures at borders for easy movement of goods. This is to create a significant boost for commerce and the multilateral trading system as a whole.

READ ALSO: World Trade Organization ratifies first multilateral trade deal

Some trade experts have applauded this development, saying it will expedite the movement, release and clearance of goods across borders.

 

This agreement is in line with TFA principles which frown upon import discrimination as well as preferential treatment.

The government of Ghana has hinted at restricting importation of certain goods into the country, describing them as nuisance imports.

This, they say, is a measure to prevent Ghana from becoming a dumping ground for unwanted goods from the other countries.

However, economist Leslie Dwight Mensah has cautioned government to thread with carefulness.

"Whatever we do to the import regime must be in conformity with our international obligation, the WTO and ECOWAS protocol in order not to incur trade war", he argued.

We must be seeking other options to curtail the dumping of products in our market and trade abuses according to the economist.

Mr. Mensah also urged government to carry out a comprehensive review of revenue mobilization to expand its fiscal space.

The World Trade organization say, the full implementation of the TFA is expected to reduce total trade costs by more than 14 per cent for low-income countries, more than 15 per cent for lower middle-income countries and more than 13 per cent for upper middle-income countries.

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