South-South Powerhouse: Africa-Caribbean Trade May Triple in Five Years, Afreximbank Says
South-South Powerhouse: Africa-Caribbean Trade May Triple in Five Years, Afreximbank Says
Africa-Caribbean trade could surge from $729 million to $2.1 billion with a focus on priority sectors like processed food, minerals, transport, and creative industries, Afreximbank President Benedict Oramah stated.
Despite deep cultural ties, bilateral trade remains minimal, with Africa sending just 0.1% of its total exports to the Caribbean, he noted in a joint statement with the International Trade Center Executive Director Pamela Coke-Hamilton of Jamaica.
To boost trade and investments amid global pressures, both regions can leverage:
🟠AfCFTA;
🟠Afreximbank initiatives;
🟠Regional payment systems like PAPSS or CAPSS.
"Our alliance is more than just a response to global uncertainty; it is a blueprint for inclusive, resilient, and opportunity-driven trade in the 21st century. […] Together, Africa and the Caribbean can showcase South-South trade as a solution in a time of great change," the statement read.
On July 28-29, Afreximbank and the government of Grenada will host the Fourth Annual AfriCaribbean Trade and Investment Forum.
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