ST. GEORGE’S, Grenada – AS the Caribbean region continues to rely heavily on imports for its sustainability, CARICOM Secretary-General Dr. Carla Barnett is calling for stronger trade relations between the Caribbean and the African continent.
Speaking at the 4th Africa-Caribbean Trade and Investment Conference in Grenada, Dr. Barnett highlighted that trade between the two regions currently accounts for less than three percent of overall Caribbean trade — a figure she says must change amid rising global trade tensions and logistical challenges.
“The Forum is becoming a foundation on which we can and will strengthen trade and investment cooperation, and engagements in priority areas for both the Caribbean region and the African continent, moving from policy discussions to action,,” she told attendees gathered at the Radisson Hotel.
The conference has brought together over 1,800 delegates, including heads of government, public and private sector leaders, and regional stakeholders, who all agree that the time is right to boost economic cooperation across the Atlantic.
With a combined population of 1.6 billion people, experts from the African Union believe that trade between Africa and the Caribbean could surpass US$2.1 billion if strengthened.
The African Export-Import Bank (Afreximbank) has played a leading role in spearheading investment opportunities within the Caribbean as a gateway to fostering closer commercial ties. However, participants acknowledged that longstanding barriers still hinder trade growth between the two regions.
Dr. Barnett pointed to some of those barriers: “We know we have common legacy challenges that persist in the current global distribution systems and logistics. Our external trade far exceeds our intra-regional trade.”
She stressed that deepening trade ties with Africa is not just beneficial, but necessary.
“We must also decisively open the door to greater trade between our Regions. CARICOM trade with the Continent must grow beyond the current levels of less than three per cent of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners," she urged.
She also reaffirmed CARICOM’s commitment to working closely with Afreximbank in key areas of shared interest to ensure “consistent and collaborative outcomes.”
The two-day conference wraps up today in St. George’s, Grenada.
