Business community urged to make use of trade liberalisation

Accra, March 16, GNA - Dr Kodzo Alabo, Director, Africa and Regional Integration Bureau, Ministry of Foreign Affairs, on Wednesday urged the business community to take advantage of the numerous benefits under the ECOWAS Trade Liberalization Scheme (ETLS) to expand their businesses.

He said the Scheme allows exporters to retain 100 per cent of their foreign earnings from exports. Any manufacturer or persons engaged in agricultural production and exporting part or all of his production could also claim tax rebate between 40 and 75 per cent of his or her tax liability. "The Scheme allows manufacturers to seek licence to hold imported raw materials intended for manufacture for export in secured places without payment of duty," Dr Alabo said.

Dr Alabo, speaking at the 558th Monthly Meeting of the Accra Regional Chamber of Commerce and Industry, said the Scheme operated alongside the duty draw back Scheme and enabled exporters to enjoy 100 per cent duty exemption on selected imports intended to go into production for exports.

He therefore congratulated all companies that had received their certificates of registration and urged them to utilize that opportunity for the interest of the country. Dr Alabo said the main thrust of the liberalization programme was on the free movement of unprocessed goods and traditional handicrafts, which should be exempt from import duties and taxes. "The second aspect of the programme involves the gradual elimination of customs duties and equivalent taxes on industrial products of community origin and, thereafter, the lifting of non-tariff barriers to intra-community trade." There was a general consensus that there were too many barriers among the ECOWAS countries and urged governments to dialogue among themselves to reduce them to enhance trade and movement of people.