The Ghana Chamber of Commerce and Industry (GCCI) and the South Korean International Trade Association (KITA) on Thursday signed a trade pact to formalise and improve trade co-operation between the two bodies.

GCCI and KITA under a Memorandum of Understanding (MOU) signed in Accra would also exchange personnel and expertise programmes to cement relations between them.

Mr Sal Doe Amegavie, Chief Executive of the GCCI and Mr Bell Park of KITA signed the MOU.

Ghana exports mainly non-traditional products such as cow horns and wood products to South Korea while they in turn export automobile and construction equipment.

Mr Amegavie said trade between the two countries had not been organised around the business associations and, therefore, the signing of the agreement was to formalise such activities.

He noted that there was imbalance in trade between the two countries tilting in favour of South Korea.

Mr Amegavie said the Chamber intended to take advantage of the new relations to increase exports by adding value to most of the products.

Ghanaians could learn a lot from their counterparts through information networking, he said.

Mr Park said the Korean Association was enthusiastic to share their experience with GCCI through the exchange of staff and the participation in trade shows.

He said the Association had scheduled a series of fairs for this year in information technology, jewellery, marine and shipping.

He expressed the hope that members of the Chamber would participate and said the Korean Association would send a trade delegation to Ghana next year to explore opportunities for investment.