The political history between Africa and the Caribbean has laid the groundwork for a new trade and economic partnership that promotes mutual prosperity. At Oneledger we understand the potential of the African market and to this end we have a Business Development Officer - Folaranmi Oladipupo based in Lagos, Nigeria who promotes our interest there.
The Caribbean and Africa's trade and investment relationships are slowly emerging from colonial structures that carried over into post-colonial economic realities.
Reset, these systems promote South-South cooperation. ACTIF 2022 was a first step. It will promote trade, investment, technology transfer, innovation, tourism, culture, and other services. The business potential is immense. There needs to be a continuation of this dialogue in order for the initiative to bear 'real' fruit.
The AFTA market will be worth $6.7 trillion by 2035. With recent steps to reduce non-tariff barriers, especially in agriculture and technology, there is expected further growth in the coming years.
In 2018, CARICOM exported 18.6 billion dollars worldwide, but only 815 million dollars to Africa. 4.4% of CARICOM's exports went to Africa. In the same year, CARICOM imported 33 billion dollars from the world and 603 million from Africa. Africa represented 2% of CARICOM's total trade.
This trade, which dropped sharply in 2018 due to the Covid-19 pandemic, is starting to rise in 2021, but only to $538 millions. There's room to expand and deepen trade ties.
To increase trade and investment, there must be a strengthening and streamlining of the Africa-CARICOM infrastructure. This includes air and maritime channels, but most important is constant contact - through dialogue.
CARICOM offers a gateway to partner markets in addition to the Single Market's opportunities. Its preferential trade agreements with several Latin American and Caribbean neighbors, as well as others, provide significant market access opportunities for CARICOM investors for this 11 trillion US dollar import market place.
With the African Continental Free Trade Area (AfCFTA) and the CSME providing solid platforms for trade and economic cooperation between the two regions,
OneLedger intends to continue to strengthen that relationship.