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|(CMC) – The International Trade Centre (ITC) on Thursday launched a new report that highlighted more than US$1 billion in export potential between Africa and the Caribbean.
ITC and the African Export-Import Bank (Afreximbank) also extended their five-year partnership, which will help tackle trade barriers and build business capacity to realise that potential. The renewed Memorandum of Understanding, signed on day one of the inaugural AfriCaribbean Trade and Investment Forum (AFCTIF) in Barbados, aims to drive trade and economic development for Africa through new Caribbean markets.
ITC’s Expanding African-Caribbean Trade report, released at the September 1-3 forum, highlights that partnerships such as this one with Afreximbank are needed to tackle the economic consequences of global crises.
It shows how the two regions have an export potential exceeding US$1 billion in sectors ranging from agrifood and healthcare to tourism, fertilisers, and automobiles.
According to the report, unlocking that potential requires stronger relationships between African and Caribbean traders, the removal of trade obstacles such as high tariffs and non-tariff barriers, and greater investment in growth areas.
“A trade boost between Africa and the Caribbean is possible. It needs an ecosystem to give credible data on market opportunities, support to exporting firms, and guidance for governments,” said Pamela Coke-Hamilton, Executive Director at ITC.
“The new Africa-Caribbean Business Council is a critical initiative that will help transform transatlantic trade,” she added