President Dr. Irfaan Ali, also serving as the current chairman of the Caribbean Community, emphasized the significant potential for enhancing trade between Africa and the Caribbean.
Speaking at the African Prosperity Dialogues 2024 in Accra, Ghana, President Ali pointed out that as of 2020, less than 0.1% of African exports were destined for the Caribbean.
He noted that both regions experienced a consistent decline in the share of exports to each other since 2015, with trade primarily concentrated around primary minerals.
To unlock the massive opportunities for increased trade, President Ali stressed the need to address current trade barriers, improve transport and logistics, and establish rules that facilitate trade advancement between the countries.
President Ali highlighted that the Caribbean’s population of 400 million people, with existing trade arrangements and agreements, provides a significant market for African investors.
Using aquaculture as an example, he showcased the potential for collaboration, citing Guyana’s competitiveness in the production of fish products for the US market.
The President urged thinking outside the box and looking beyond traditional areas for collaboration. He emphasized that merging strengths in technology, know-how, and competitive advantages could lead to mutually beneficial partnerships.
In addition to trade, President Ali proposed collaboration between Africa and the Caribbean on critical issues such as climate security and energy security.
He concluded by presenting the Caribbean and Guyana as essential opportunities for collaboration.