Afreximbank and ITC will develop detailed profiles of sectors in both regions to map out promising value chains and identify growth barriers and requirements Trade between Africa and the Caribbean could soar to $1.8 billion annually by 2028, provided that value addition, trade facilitation, and enhanced logistics are prioritized, according to new research from the International Trade Centre (ITC) and the African Export-Import Bank Currently, bilateral trade in goods between the two regions stands at $729 million. These preliminary findings, unveiled in Nassau, Bahamas, during the launch of the ITC-Afreximbank ‘Strengthening AfriCaribbean Trade and Investment’ project, coincided with the 31st Afreximbank Annual Meetings and the third AfriCaribbean Trade and Investment Forum (ACTIF).
The research indicates that the travel and transport sectors offer the greatest potential for growth, accounting for two-thirds of the potential ‘services trade’ between Africa and the Caribbean. The findings also highlight that, within the goods segment, the most critical sectors are minerals and metals; wood, paper, rubber, and plastics; and processed food and animal feed. The project’s objective is to enhance trade and investment between Africa and the Caribbean, fostering greater cooperation between the private sectors of both regions.
Following the launch, Afreximbank and ITC will develop detailed profiles of sectors in both regions to map out these promising value chains and identif.
