Foreign Minister says

EMPHASISING the importance of a united front, Hugh Todd, Minister of Foreign Affairs and International Cooperation, asserted that bridging trade barriers between the Caribbean and Africa is the initial step towards promoting economic prosperity.

During his remarks at the second AfriCaribbean Trade and Investment Forum (ACTIF23) on Monday, the minister implored stakeholders from both the Caribbean Community (CARICOM) member states and African countries to take advantage of this forum and use it to strengthen partnerships.
“To focus on trade, it is imperative that we address both tariff and non-tariff barriers to market access, and particularly to do encourage trade from small businesses,” Todd proposed.
Deeming ACTIF23 as a critical turning point in the history of international trade and economic relations, the Foreign Affairs Minister said that in order for the citizens to achieve wealth and betterment, the regions must strive for further growth and development.

He remarked: “Building resilience against these challenges and creating jobs and employment should be key priorities for both of our regions [and] strengthening our trade and investment relations will be one step in this direction.”

This year, the forum is being held under the theme, “Creating a shared prosperous future.”
According to the Minister, there is more than USD $1 billion in two-way trade potential between the Caribbean and Africa across a wide range of products and services. With this being said, by addressing trade barriers to market access and pouring direct investments into sectors with export potential, Todd said Caribbean countries can increase merchandise trade to Africa by over 50 per cent.

While encouraging more emphasis to be placed on areas where collaboration has not been fostered as yet, the minister stated: “While in the case of Guyana, partnerships in the area of mineral resources may be more straightforward. I challenge you to shift and focus on areas that we may be individually strong, but where we have not traditionally formed partnerships or co-operate.”

He was also very transparent about the fact that the regions’ economies are still recovering from the shock of the COVID-19 pandemic, and this forum can aid in the revival.
The minister then said: “This forum provides the framework for all of us to share our views on a strategic programme, to enhance investment and trade flows between the two regions,” while underscoring that African Export-Import Bank (Afreximbank) has already set the right pace, and both the African countries and the CARICOM member states can gain from the bank’s establishment in this region.

In August, the bank opened its representative office in Bridgetown, Barbados, and aims to provide technical assistance towards the establishment of the CARICOM Export-Import Bank, and the deployment of the Pan African Payment and Settlement System in the Caribbean.

BUILDING BRIDGES
Meanwhile, Philip J. Pierre, Prime Minister of St. Lucia, spoke extensively about the long-standing relationship between the Caribbean region and Africa. He also emphasised the importance of inclusive growth, creating avenues for youth economic engagement and human involvement.

“This forum symbolises a bridge of vitally fostering economic and cultural divisions between the African continent, and the Caribbean region,” Pierre said while calling for stakeholders to seize the moment and embrace the opportunities in order to build a future that is prosperous and interconnected.

ACTIF23 was introduced in 2022 to enhance the growth of trade and investment between Africa and the Caribbean, including promoting airlinks, tourism, technology transfer, financial stability, food security, industrialisation and cultural ties. The inaugural event welcomed over 1,267 delegates from 108 countries, including participants from 50 African countries, 13 Caribbean countries, and regions as far away as Oceania.