A transformative economic partnership between Africa and the Caribbean is gaining momentum as new research reveals up to $1.6 billion in untapped trade potential. The groundbreaking findings emerged during the inaugural AfriCaribbean Private Sector Webinar Series, where government and business leaders convened to forge a new south-south economic alliance.
Commissioned by the Caricom Private Sector Organisation (CPSO), the comprehensive study titled ‘Africa Union–Caricom Trade in Goods: Scope and Potential’ identifies 579 competitively priced product lines that African nations can supply to Caribbean markets at approximately 60% of current benchmark prices. The analysis demonstrates that at least 13 African Union countries each possess capacity to export over $58 million worth of non-mineral fuel goods to Caricom nations.
Antigua and Barbuda’s Foreign Affairs and Trade Minister, Honourable E.P. Chet Greene, emphasized the strategic imperative behind this economic integration. “Political leadership establishes the framework, but it is businesses that drive innovation, generate trade volumes, mobilize investment, and create employment,” Minister Greene stated during his keynote address. He highlighted how global protectionism, geopolitical instability, and supply chain disruptions have made strengthened Africa-Caricom relations an economic necessity rather than merely an opportunity.
CPSO Chief Executive Officer Dr. Patrick Antoine presented compelling market data showing that for most identified products, Caricom typically has four potential sourcing options from African Union countries, ensuring both supply diversity and competitive pricing. Dr. Antoine issued a powerful call to action: “We in the Caricom Private Sector choose not to wither; we choose not to retreat. Instead, we choose to engage relentlessly despite challenges of affordability, trade concentration, and scale inefficiencies.
The virtual forum, jointly organized by the International Trade Centre, African Export-Import Bank (Afreximbank), CPSO, and Africa Business Council, brought together over 200 business leaders and private sector firms. Anthony Ali, CEO of Goddard Enterprises Limited, shared practical insights from his company’s African market engagements, emphasizing the need for flexible approaches including local production partnerships and licensing arrangements to overcome logistical and financial barriers.
While participants acknowledged persistent challenges including limited transport connectivity, high logistics costs, and fragmented payment systems, the consensus pointed toward innovative solutions in digital payments, shipping, and financing. The webinar series will continue with focused sessions on agribusiness, fashion, cosmetics, wellness, and medical technologies to translate this strategic vision into concrete business opportunities.