ST. GEORGE’S, Grenada – Caribbean Community (CARICOM) Secretary General, Dr. Carla Barnett, Monday welcomed the AfriCaribbean Trade and Investment Forum (ACTIF) as a further demonstration of the collective commitment towards forging deeper trade, investment and economic cooperation as envisioned by Africana and Caribbean leaders four years ago.
CARICOM Secretary General, Dr. Carla Barnett addressing the opening ceremony of the two-day AfriCaribbean Trade and Investment Forum (ACTIF2025)“We meet amidst heightened global geopolitical and economic tensions, supply chain disruptions, and the questioning by some of the value of the multilateral system,” Barnett told the opening ceremony of the two-day AfriCaribbean Trade and Investment Forum (ACTIF2025) that is being held under the theme “Resilience and Transformation: Enhancing Africa-Caribbean Economic Cooperation in an Era of Global Uncertainty”.
Barnett told her audience that last month, she participated in the 32nd annual meetings of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria, where the Barbados-based CARICOM Development Fund (CDF) and Afreximbank signed a Mandate Letter to commence work to design and launch a Green, Resilient and Sustainable Facility (GRSF).
“I emphasized the need for this type of global partnership to develop mechanisms that foster inclusive growth, sustainable development, and economic and climate resilience. Here, today, I re-emphasize this approach of building partnerships here.”
She said that the ATIF2025 is also taking place as preparations continue for the second CARICOM-Africa Summit, scheduled for September 7 this year in Addis Ababa, Ethiopia.
She said that this summit will be an opportunity to deepen the partnership through high-level political engagement on advancing inter-regional trade and investment, strengthening South-South Cooperation, and operationalizing the Memorandum of Understanding signed last year between the CARICOM Secretariat and the African Union Commission on “Upscaling Engagement and Linkages with People of African Descent”.
”We need to bring focused intent on making our partnerships inclusive and for our people to connect or re-connect for partnerships to thrive. CARICOM remains committed to work side by side with the African Union to ensure that the partnerships are broad-based and include specifically young people and women.
”Our collaboration extends to advocating for reparatory justice for the transatlantic slave trade and chattel slavery. During the Second International Decade for People of African Descent, our joint efforts are vital to ensuring global recognition and action on this historical imperative. In this context, the designation of the African Diaspora, of which the Caribbean is a part, as the Sixth Region of the African Union provides an appropriate context to act in concert towards our collective advancement.”
Barnett said that the forum here has been nurturing investments and bilateral cooperation in many priority areas for both regions, such as the development of transportation links critical for trade, tourism and cultural exchanges.
She said another priority area is technology transfer, a key example being the development of a Caribbean Payment and Settlement System based on the successful Pan-African Payment and Settlement System.
“This mechanism will make it easier for large and small enterprises in both markets to conduct business efficiently. There are many other opportunities still to be addressed, some of which are being explored,” Barnett said.
She told the audience that the forum is becoming a foundation “on which we can and will strengthen trade and investment cooperation, and engagements in priority areas for both the Caribbean region and the African continent, moving from policy discussions to action.
“ We know we have common legacy challenges that persist in the current global distribution systems and logistics. Our external trade far exceeds our intra-regional trade. Our similar efforts at regional integration, the development of the CARICOM Single Market and Economy (CSME) and the African Continental Free Trade Area (AfCFTA), seek to address this.
”We must also decisively open the door to greater trade between our Regions. CARICOM trade with the Continent must grow beyond the current levels of less than three per cent (3%) of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners.”
Barnett said that CARICOM is committed to deepening its collaboration with the Afreximbank in key areas of common interest.
She said to ensure consistent and collaborative outcomes, steps are being taken to conclude a Memorandum of Understanding between CARICOM and Afreximbank, “so that together we can drive the partnership in particular areas such as trade, logistics and connectivity to increase economic, financial and trade linkages, while bringing our two regions together in mutually reinforcing ways”.
The CARICOM Secretary General said trade and development financing has a critical role to play in the pursuit of trade and investment opportunities, and the realization of our common development goals.
“CARICOM therefore welcomes and values the demonstrated commitment of the Afreximbank to partner in this critical endeavor. I was delighted to participate in the groundbreaking ceremony for the Afreximbank African Trade Centre (AATC) in Bridgetown, Barbados, in March this year, a demonstration of the Bank’s long-term commitment to the region.”
