Africa-Caribbean import export bank mooted to bridge trade

In a bid to enhance regional trade and economic integration, plans are underway to establish an Africa-Caribbean Import Export bank. This move is seen as a significant step towards bridging the gap between the African continent and the Caribbean region. With Africa's vast market size of 1.4 billion people, the establishment of this bank could potentially unlock a plethora of opportunities for trade and investment between the two regions. CNBC Africa recently spoke with Albert Muchanga, Commissioner of Trade & Industry at the African Union Commission, to shed light on the plans and strategies driving this initiative forward. Muchanga highlighted the progress made in fostering closer ties between Africa and the Caribbean, emphasizing the importance of leveraging the African diaspora worldwide as part of the 'Global Africa' initiative. The recent African-Caribbean trade and investment forums have served as platforms to strengthen economic cooperation and pave the way for increased business interactions. The presence of the African Export Import Bank in the Caribbean signifies a significant milestone, with the potential to support the establishment of a Caribbean Export Import Bank in the future. This move is expected to provide financial assistance to member states of the Caribbean community and facilitate cross-continental investments. As African business leaders like Dan Gorton show interest in investing in the Caribbean, there is a growing anticipation for reciprocal investments from Caribbean entrepreneurs in Africa. Muchanga emphasized the mutual benefits of such ventures, tapping into a combined market of 1.4 billion people. The prospect of an African-Caribbean free trade agreement was also discussed, highlighting the need for meticulous planning and stakeholder buy-in. While establishing a roadmap for this agreement may take time, the commitment from both the CARICOM and African Union members signals a positive outlook towards deeper economic integration. Aligning with the Agenda 2063 of the African Union, the initiative aims to promote inclusive growth and sustainable development, enhancing economic ties with the African diaspora. The need for private sector involvement and cross-sectoral connectivity was underscored as pivotal components for successful integration between the regions. Although the idea of a unified African Union and CARICOM states remains a distant political decision, the focus is on fostering economic and cultural integration at present. The recent discussions at the summit reiterated the importance of translating dialogue into action, with a call for concrete business deals and partnerships between the two regions. Overall, the key takeaway from the conversations was the growing momentum towards bolstering dialogue and tangible collaborations between Africa and the Caribbean, paving the way for a new era of economic cooperation and mutual prosperity.