ST. GEORGE’S, Grenada – AMID growing global trade tensions and shifting geopolitical alliances, strengthening ties between the Caribbean and Africa is being hailed as a vital path to shared economic prosperity.
Historically underdeveloped and inconsistent, the relationship between the two regions is now gaining momentum. Thirteen of the 15 Caribbean Community (CARICOM) member states have joined the African Export-Import Bank (Afreximbank), which has opened a significant line of credit worth US$3 billion—half of which has already been disbursed.
Grenada’s Foreign Minister, Joseph Andall, emphasized the urgency of bridging the longstanding trade gap between the two regions, which currently accounts for just one percent of total trade.
“This forum therefore is a bold step towards building a transatlantic economic pathway in an era marked by profound global challenges ranging from economic volatility and climate shocks to geopolitical tensions and supply chain disruptions. It is more urgent than ever for the African Caribbean partnership to move from intention to implementation,” Andal told the Forum.
Andall was speaking at the Fourth Africa-Caribbean Trade and Investment Forum, which opened in St. George’s with over 1,800 delegates and business leaders gathered to explore trade opportunities at the Radisson Hotel in St. Georges, Grenada.
He noted that the Caribbean often struggles with follow-through when it comes to implementing regional decisions.
“Resilience and transformation are not simply words. They speak about our shared journey. For centuries, Africa and the Caribbean have endured, but our regions stand steadfast as architects of a new economic future," Andall added.
According to African Union research, intra-regional trade between Africa and the Caribbean could potentially exceed US$2.1 billion. But achieving that will require confronting several hurdles.
Andall said realizing the shared vision depends on consolidating partnerships, improving logistics, and creating greater access to capital. “It is imperative that we foster an enabling environment that promotes enhanced logistics and build a resilient intercontinental economic channel,” he said.
However, many challenges remain. Chief among them: poor air and sea connectivity, outdated trade protocols, and a lack of direct financial instruments.
Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), called for immediate action.
“The time for action is now. If Africa is to reach its full potential, we must look across the Atlantic to the Caribbean as a strategic partner,” Mene said. He noted that the AfCFTA provides a platform for deeper integration, value chain development, and inclusive growth across Africa.
“Looking ahead, the potential for deeper cooperation is considerable," he continued. "Key sectors for growth include agro-processing, healthcare, tourism, energy, creative industries, and manufacturing. The services sector - particularly travel, logistics, and professional services - also holds vast potential for expansion,” he told the gathering.
Leaders on both sides of the Atlantic agree that a stronger Africa-Caribbean partnership can unlock new jobs, boost productivity, and increase investment opportunities.
Selma Malika Haddadi, Deputy Chairperson of the African Union Commission, offered four major recommendations to deepen ties:
. Establish an Africa-Caribbean Free Trade Area, with that as the ultimate goal.
. Reinforce the Africa-Caribbean Business Council to enhance private sector cooperation.
. Leverage the creative economy as a driver of innovation and cultural exchange.
. Strengthen air and maritime connectivity to overcome geographic and logistical barriers.
The Afreximbank’s commitment to the region was underscored with the construction of its new US$200 million regional headquarters in Barbados.
The two-day forum is being held under the theme: “Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty.”
St. Kitts and Nevis has already signed onto the Afreximbank and is represented at the forum by Prime Minister Dr. Terrance Drew and his delegation.
