Lack of access to market information limiting Afri-Caribbean Trade

The second Afri-Caribbean Trade and Investment Forum held in Georgetown, Guyana, shed light on the challenges hindering trade between Africa and the Caribbean. Kanayo Awani, the Executive Vice-President of the Intra-African Trade Bank, emphasized that lack of access to market information is a significant barrier limiting trade between the two regions. Awani highlighted that while financial constraints play a role, the lack of market knowledge, including information about raw materials, markets, and regulations, is a critical issue impeding trade growth. Additionally, high transport costs, market access costs, and trade tariffs as high as 28% further restrict trade between Africa and the Caribbean. To address these challenges, the Intra-African Trade Bank is not only providing financial support but also deploying facilitation instruments and digital solutions to enhance trade in the region. Awani emphasized the importance of collaboration with governments and the private sector to improve trade facilitation and promote partnerships. During the forum, several deals were signed to support local banks and businesses in both regions. Furthermore, efforts are underway to encourage African banks to expand their presence in the Caribbean, with initiatives like supporting them to establish businesses in new markets. Looking ahead, the upcoming Intra-African Trade Fair (IATF) presents a significant opportunity for stakeholders to engage in trade and explore new prospects. The inclusion of a Diaspora Summit in the upcoming edition of the IATF aims to connect African communities worldwide and expand trade opportunities for the global African diaspora.