Africa-Caribbean meeting sets path to $1.8 billion in more trade
Trade between Africa and the Caribbean could grow by $1.8 billion, if the right policies are put in place. The 3rd AfriCaribbean Trade and Investment Forum (ACTIF) discussed how to realize this through tackling trade restrictions and channelling investments into priority sectors.
The International Trade Centre (ITC) has for years championed closer ties between the regions, serving as lead partner for the forum. This year’s event, held 12 to 15 June in the Bahamian capital Nassau, came as Afreximbank held its Annual Meetings in the Caribbean for the first time. The event attracted a record number of policy leaders, business pioneers, bankers, and entrepreneurs from across the two regions.
‘The ties between Africa and the Caribbean are umbilical and organic,’ said ITC Executive Director Pamela Coke-Hamilton. ‘It’s these ties that can and must carry us through some of the biggest threats of a polycrisis world: climate change, supply chain disruptions, food insecurity, environmental degradation, and COVID-19.’
ITC joined panel conversations on a possible Afri-Caribbean Free Trade Agreement and on policies that would attract trade and investment into the Caribbean.
Research highlights trade potential in promising sectors
A centerpiece of the forum was the pioneering new ITC research to update the 2022 report on Expanding African-Caribbean Trade. The new research, conducted with Afreximbank, looked at Strengthening AfriCaribbean Trade and Investment. The results revealed a significant $1.8 billion in export potential between Africa and the Caribbean by 2028, contingent on the removal of tariff and non-tariff barriers and strategic investment in key sectors.
‘Our figures show significant export potential exists in products such as machinery and electricity, plastics and rubber, processed food, and minerals. For trade in services, travel and transport are particularly promising,’ noted ITC. This underscores the necessity of exploring a free trade agreement between the regions to dismantle trade barriers and create new opportunities.
Leaders from the Bahamas, Barbados, Ghana, Guyana, Grenada, Kenya, Mauritania, and St. Lucia emphasized their commitment to strengthening AfriCaribbean trade.
Small business success stories
At the ITC booth, One Trade Africa and ACP Business-Friendly programmes showcased their work to advance regional integration both within and between the African and Caribbean regions. Digitally enabled beneficiaries Suku Technologies from Ghana and Kanoo Pays from the Bahamas also shared their experiences in setting up successful businesses across the Atlantic Ocean. The latter secured the sale of two million units of wearable payments technology to expand its presence in Africa.
Partnerships4Purpose
ITC and Afreximbank also used the event to highlight other projects. These include the over 10,000 small businesses trained on the How to Export with the AfCFTA training platform, the launch of the South Sudan National Export and Investment Strategy, and the ongoing work on a pan-African Fashion Alliance.
