CARICOM PUSHES FOR STRONGER AFRICA TRADE TIES AT ACTIF 2025 IN GRENADA

Caribbean Community seeks to boost Africa trade to counter global uncertainties with Afreximbank pledging $3B to drive economic cooperation.

Caricom-africa trade actif 2025 economic cooperation
Flags of CARICOM and AU
Flags of CARICOM and AU

Caribbean Community (CARICOM) Secretary-General Dr. Carla Barnett has called for a significant expansion of trade with Africa to address growing uncertainties with traditional partners like the U.S., Canada, and Europe. Speaking at the opening of the fourth AfriCaribbean Trade and Investment Forum (ACTIF 2025) in St. George’s, Grenada, on July 28, Barnett emphasized the need to increase CARICOM’s trade with Africa, currently less than 3% of its total trade, amid global protectionism and a 10% U.S. tariff imposed in April 2025.

The forum, themed “Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty,” saw African Export-Import Bank (Afreximbank) pledge $3 billion in investments, with $1.5 billion already disbursed, to bolster sectors like infrastructure, tourism, and agribusiness. The International Trade Centre projects Afro-Caribbean trade could reach $1.8 billion by 2028 through public-private partnerships in minerals, processed foods, and transportation.

Barnett highlighted CARICOM’s vulnerability to economic shocks including inflation and climate-related disasters due to reliance on tourism and imported goods. She noted past collaborations with Africa on advocacy for slavery reparations and climate compensation signaling deep historical ties. Afreximbank’s Professor Benedict Oramah proposed a Global Africa Commission to drive long-term integration with feasibility studies for a Caribbean EXIM Bank underway. Day one of ACTIF 2025 secured $290 million in deals building on the $4 billion from 2024’s forum in The Bahamas.

With 11 CARICOM states ratifying Afreximbank’s Partnership Agreement the forum fosters business-to-business and government engagements strengthening a transatlantic economic corridor for inclusive growth.

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