A groundbreaking economic study reveals that trade between the African Union and CARICOM (Caribbean Community) is positioned to exceed the US$1 billion milestone. The comprehensive analysis, titled “Africa Union–CARICOM Trade in Goods: Scope and Potential,” was unveiled during the inaugural AfriCaribbean Private Sector Webinar Series this Tuesday.
The research, conducted by the CARICOM Private Sector Organization (CPSO), attracted over 200 prominent business executives, government representatives, and organizational leaders from both regions. These stakeholders convened to explore emerging commercial opportunities and investment prospects strengthening transatlantic economic cooperation.
During his keynote presentation, Antigua and Barbuda’s Minister of Foreign Affairs and Trade, E.P. Chet Greene, emphasized the critical importance of enhanced Africa-CARICOM relations within the evolving global trade landscape. He characterized this strategic partnership as an urgent imperative rather than merely an option.
Dr. Patrick Antoine, Chief Executive Officer of CPSO, presented compelling findings indicating substantial untapped trade potential. The investigation identified more than 500 competitively priced product lines, with at least thirteen African nations individually capable of supplying over US$58 million in CSME non-mineral fuel imports. Notably, these offerings typically average approximately 60% of current benchmark prices.
Dr. Antoine encouraged CARICOM enterprises to diversify their trading networks to enhance resilience against global market fluctuations. The webinar series will continue in subsequent weeks, featuring dedicated sessions on agricultural development, creative industries, and health and wellness sectors.
For Belize specifically, the report highlights significant advantages for local exporters and manufacturers. As CARICOM deepens its economic integration with African markets, Belizean businesses stand to gain substantially through expanded market access and reinforced trade alliances.