AFRICA and the Caribbean share a deep connection rooted in history, culture and a common identity created by the Trans-Atlantic Slave Trade, and while there have been significant efforts from both ends to enhance trade and other forms of bilateral cooperation, the door remains open for stakeholders to capitalise on many fruitful opportunities.

One notable step in this direction has been the recent signing of an agreement for the establishment of a partnership between the Caribbean Community (CARICOM) and the African Export-Import Bank (Afreximbank).

This agreement paves the way for cooperation, support and assistance for the promotion and financing of South-South trade between African countries and member states of CARICOM.

CARICOM Today had reported that trade between the regional bloc and African countries was weak in 2017, with exports of goods to Africa totalling US$449 million and imports, US$258 million; this, for instance, pales in comparison to what obtains between the Caribbean and the US.

The US is the Caribbean’s largest trading partner, while the Caribbean is ranked as the US’ sixth largest trading partner, with aggregate trade valuing over US$35 billion annually.

Regarding the Africa-Caribbean partnership, CARICOM has agreed that there is much work to be done to enhance trade and investment among nations in the region and those in Africa, especially in the areas of air and maritime transportation, visa requirements, increasing cultural and educational cooperation, improving ease of doing business and exploring trade in services.

President of the Afreximbank, Dr. Benedict Okey Oramah, in his address at the Sixth Annual Babacar Ndiaye Lecture, said too: “African and Caribbean nations can turn the iniquities of history into platforms for economic prosperity today and in the future. Realising that vision can only begin with the reconnection of the Caribbean people to their genealogical ties in Africa through trade and investment.”

Many African nations have already established diplomatic relations with CARICOM member states, while only Guyana, Jamaica, and Trinidad and Tobago have permanent diplomatic representations there.

With there being more opportunities for financing and increasing interest in bilateral cooperation, more Caribbean countries should look to forge greater partnerships with countries in Africa.

Barbados Prime Minister Mia Mottley, had tasked countries in Africa and the Caribbean to explore the possibilities of expanding their individual capacities through creative linkages that would enable them to fund and execute projects.

Admittedly, this task is not an easy one, but CARICOM Secretary-General, Dr Carla Barnett had said that the trade and investment connections between CARICOM and Africa are gradually breaking free from the patterns ingrained in our colonial agreements and carried over into our post-colonial economic reality.

At the opening of the first AfriCaribbean Trade and Investment Forum in September, Dr Barnett said: “We must reset these systems and foster real South-South cooperation. This AfriCaribbean Trade and Investment Forum (ACTIF) 2022 is an important first step. It will build bilateral cooperation and promote trade, investment, technology transfer, innovation, tourism, culture, and other services. The potential to do business together is tremendous.”

By 2035, the market that the African Continental Free Trade Agreement represents is expected to be worth US$6.7 trillion. In the CARICOM Single Market, merchandise trade reached US$2.2 billion in 2018, and with recent bold moves to decrease non-tariff barriers, particularly in agriculture, the region anticipates greater development in the years to come.

Guyana is among the Caribbean countries which have taken steps to advance bilateral relations with countries in Africa. The country which sits on the edge of South America, but is culturally linked to the Caribbean, has already signed a Memorandum of Understanding with the Government of Ghana and is working to strengthen ties with Kenya, Nigeria and other African nations.