Diong: Baby steps needed for an Afri-Caribbean free trade agreement

Ibrahima Cheikh Diong, the United Nations Assistant Secretary General and Director of the African Risk Capacity, recently highlighted the importance of taking baby steps towards integrating Africa and the Caribbean. In a panel discussion on CNBC Africa, Diong emphasized the need for both regions to recognize the tremendous opportunity for trade and market expansion. The conversation, which included representatives from the government, the African Union, and the President of Zimbabwe, underscored the potential benefits of collaboration between Africa and the Caribbean. The key takeaway from the discussion was the mutual recognition of the potential for growth through trade, while also acknowledging the challenges such as logistical issues, trade tariffs, and barriers that need to be addressed. Both sides expressed a strong political commitment to overcoming these obstacles and seizing the opportunities that lie ahead. Diong noted that although trade agreements are complex and challenging to assemble, progress has been made in both Africa and the Caribbean. He highlighted the significance of the African Continental Free Trade Area and the strides that have been taken in forming trade alliances. The timing is now ripe for fruitful discussions that could lead to a meaningful collaboration between the two regions. Political will was identified as a crucial factor in driving the agenda forward, with an emphasis on starting small to achieve tangible success before expanding further. The role of the private sector was also emphasized as a key player in realizing the desired outcomes of the potential free trade agreement. Diong stressed the importance of creating conditions that would allow businesses to flourish and create jobs. He cited the airline industry as an example, highlighting the need for logistical improvements to facilitate trade between Africa and the Caribbean. The presence of the private sector in the conversation was deemed essential, as it could serve as an entry point for collaboration and drive further government involvement. One of the notable highlights of the discussion was the mention of business magnate Aliko Dangote's interest in setting up operations in the region. Dangote's willingness to invest in the Caribbean sent a positive signal to other businesses and could potentially pave the way for increased economic activity between Africa and the Caribbean. Diong expressed optimism about the ripple effect that such a move could have on the business community and underscored the need for more players like Dangote to establish a presence in the region. Looking ahead, challenges such as building trust, identifying sectors for tangible success, and translating alliances into business opportunities were recognized as key areas of focus. The upcoming AfriExim Bank meeting in the Bahamas was highlighted as a positive step towards fostering trust and collaboration between Africa and the Caribbean. As both regions work towards building connections and alliances, the ultimate goal is to translate these efforts into tangible economic benefits for their respective populations. In closing, Diong reiterated the importance of taking incremental steps towards an Afri-Caribbean free trade agreement. By leveraging political will, private sector involvement, and a commitment to overcoming challenges, Africa and the Caribbean can chart a path towards a mutually beneficial trade partnership that holds the potential for substantial economic growth and prosperity.