Foreign Affairs Minister, Hugh Todd emphasized the potential for over US$1 billion in trade between the Caribbean and Africa during his address at the AfriCaribbean Trade and Investment Forum 2023. During his remarks at the opening ceremony this morning, Minister Todd highlighted that by addressing existing trade barriers, Caribbean nations could amplify their exports to Africa by a staggering 50%.
“The deepening and expansion of South-South trade between the Caribbean and the continent of Africa can be transformative for all trading partners involved,” Minister Todd stated. He also underscored the opportunity to diversify exports into innovative areas such as merchandise trade and tourism.
Hosted at the Marriott Hotel in Georgetown, the forum serves as a platform for enhancing bi-regional engagement, specifically between the private sector and financing institutions of CARICOM and Africa. The goal is to facilitate discussions to foster economic recovery post-pandemic, aligned with this year’s theme, “Creating a Shared Prosperous Future.”
During his remarks, Minister Todd gave due recognition to the progress Africa has made in facilitating trade. In this regard, he hailed the African Continental Free Trade Area (AfCFTA) Agreement, the world’s largest free trade area by participating countries, with a combined Gross Domestic Product (GDP) valued at US$3.4 trillion. “The continent has many sources of raw materials for input in our production processes while also offering a massive market for products from our region,” Todd pointed out.
Acknowledging the richness in natural resources both Africa and the Caribbean region possess, from minerals to forestry resources, the Foreign Affairs Minister voiced that strategic partnerships are integral to truly unleash the prosperity they can bring.
“Many countries on the African continent have experience in the management of natural resources including extractive mineral products like petroleum and petroleum products, gold, diamond, copper, bauxite, and other minerals as well as agricultural products including cocoa, coffee, cotton, and forestry products – this presents good opportunities for strategic partnerships.”
As he pointed to the vast opportunities available for cooperation, Todd also acknowledged that there are critical challenges both regions face. From climate change-related crises, to food and energy insecurity, Minister Todd emphasized the need for pragmatic solutions that lead to economic resilience. He believes the forum is a pivotal platform for such discussions to be had.
In his speech, the accomplishments from the inaugural AfriCaribbean Trade and Investment Forum in 2022 in Barbados were also noted. Todd noted for example that the Afreximbank established a representative office in Barbados, providing ease of access for loans to 12 Caribbean Community countries.
“This partnership should continue to be strengthened to enhance trade and investment between the Caribbean Community and Africa,” Minister Todd urged.
With topics for the forum spanning from trade and investment revival, overcoming financing constraints, to expanding agribusiness, energy security, and sustainable development, Minister Todd challenged stakeholders seize the opportunities available for bi-regional economic partnership.
