With importers in Barbados and the region looking to diversify their source markets away from the United States (US) and other traditional suppliers, new research points to Africa as a viable alternative.
A CARICOM Private Sector Organisation (CPSO) study has identified up to US$1.6 billion in “potential competitive opportunities for Africa Union exports to CARICOM”.
This information was shared last week during a webinar on Unlocking AfriCaribbean Trade And Investment: Opportunities, Ecosystems And Private Sector Leadership.
CPSO chief executive officer and technical director Dr. Patrick Antoine presented findings from the recent CPSO study during the discussion.
He said the analysis also demonstrated that at least 13 Africa Union countries are each capable of supplying more than US$58 million in CARICOM Single Market and Economy non-mineral fuel
imports at prices typically averaging 60 per cent of current benchmarks.
Across the 579 product lines identified as competitively priced, the study found that for most products there are typically four Africa Union countries from which CARICOM can source imports at competitive prices, underscoring both the depth and diversity of available supply options.
Antoine also reinforced the importance of proactive private sector engagement, warning that shifting global policies in major markets require CARICOM firms to seek new commercial pathways and diversify trade relationships.
“At moments like these, the role of the private sector becomes even more vital. We must be prepared to respond with agility and seize opportunities wherever they emerge,” he said.
“We in the CARICOM private sector have no option but to explore and execute on opportunities to navigate this ‘collective turbulence’. We in the CARICOM private sector choose not to wither; we choose not
to retreat. Instead, we choose to engage, and to keep on engaging.
“We choose to relentlessly confront the persistent challenges: challenges of ‘affordability’, trade concentration, and surmounting the inefficiencies of scale and size, with cooperation, integration and a laser-sharp focus on ‘doing business’, he added.”
Antigua and Barbuda’s Minister of Foreign Affairs, Trade and Barbuda Affairs E.P. Chet Greene, underscored that a shifting global trade environment has made stronger Africa Union-CARICOM economic relations an urgent necessity.
He noted that rising protectionism, geopolitical uncertainty, and supply-chain disruptions are placing increasing pressure on CARICOM economies, where micro, small, and medium enterprises account for the vast majority of businesses.
Greene further stressed that boosting Africa-CARICOM commercial ties was a strategic imperative, noting that successive Africa-CARICOM Summits and the AfriCaribbean Trade and Investment Forum, most recently held in Grenada last year, have established an important political foundation.
However, the minister said that next phase of the partnership must be driven by business.
“Political leadership establishes the framework, but it is businesses that drive innovation, generate trade volumes, mobilise investment, and create employment,” he stated.
“If AfriCaribbean integration is to succeed in practical terms, it must now be carried forward by the private sector.”
Mentioning the CPSO study quoted by Antoine, Greene highlighted data showing that the Africa Union has the capacity to supply a wide range of goods competitively.
The analysis indicates that deeper sourcing from the Africa Union could strengthen supply-chain resilience and reduce the region’s vulnerability to external policy shocks.
Greene also acknowledged persistent constraints to expanding trade, including limited transport connectivity, high logistics costs, and fragmented payment systems. He issued the call for innovative approaches to financing, shipping
and digital payments to unlock the full potential of the partnership.
Another webinar participant, Anthony Ali, chief executive officer of Barbados conglomerate Goddard Enterprises Limited shared practical lessons from his company’s direct engagement with Africa Union markets.
While acknowledging challenges, Ali indicated that substantial opportunities existed for local production partnerships in order to establish CARICOM brands in Africa, and Africa brands in CARICOM.
The member of the CPSO executive committee also emphasised that successful entry into the markets in the Africa Union requires flexible models such as local production partnerships, licensing arrangements, and stronger institutional support to address financing and logistics gaps.
Last week’s webinar was the first in a four-part series designed to unlock concrete trade, investment, and business-to-business opportunities between the Africa Union and CARICOM.
The series is jointly organised by the International Trade Centre (ITC) in Geneva, Switzerland, the African Export-Import Bank, CPSO, and the Africa Business Council.
An ITC study, titled Expanding African-Caribbean Trade, in 2022 showed how the two regions have an export potential exceeding US$1 billion in sectors ranging from agrifood and healthcare to tourism, fertilisers and automobiles.
However, it concluded that “unlocking this potential requires stronger relationships between African and Caribbean traders, the removal of trade obstacles such as high tariffs and non-tariff barriers, and greater investment in growth areas”.
Researchers said that the goods trade between the two regions is negligible and concentrated in just a few sectors including primary minerals and chemicals.
They concluded that “with the right support in place, Africa could boost its annual exports of merchandise to the Caribbean by US$171 million by 2026, a 54 per cent increase over 2020 levels”.
The ITC publication also said that the Caribbean could expand goods exports to Africa by US$80 million or 29 per cent – and its exports of services such as travel and transport even more”.
ITC executive director Pamela Coke-Hamilton said: “A trade boost between Africa and the Caribbean is possible. It needs an ecosystem to give credible data on market opportunities, support to exporting firms and guidance for governments. The new Africa-Caribbean Business Council is a critical initiative that will help transform transatlantic trade.”
Revisting the issue last September while speaking at the United Nations 80th General Assembly’s Unstoppable Africa side event, Coke-Hamilton said that “for Africa and the Caribbean, there is (US$2.1 billion of export potential on the table within the next five years if trade barriers are tackled and key investments made in priority sectors such as minerals, processed food, manufactured products, transport, travel, and the creative industries”.
“These sectors speak to our region’s strengths, our heritage, and our cultural touchstones. But we won’t see their full economic benefits unless we build value addition capabilities at home, especially for smal and medium enterprises,” she said.
“Fortunately, already we’re seeing major strides towards bringing these two markets closer together – efforts that predate some of today’s crises, but that we now need to accelerate, and fast.”
Based on the 2026 edition of the Inter-American Development Bank’s Trade Trends Estimates – Latin America and the Caribbean, no African country, or the continent overall, is as yet a major factor in Caribbean trade.
The report, coordinated by Paolo Giordano, a principal economist of the productivity, trade and innovation sector at the IDB, mentioned the US, China and the European Union as the major markets for the region, including Latin America.
For the Caribbean, it stated: “Estimates for the Caribbean reveal a slowdown following the intense 41.2 per cent expansion of 2024, with growth dropping to 14.6 per cent in 2025.
“Moreover, growth was concentrated in Suriname, Guyana, and to a lesser extent in Trinidad and Tobago. In contrast, exports declined in The Bahamas, Barbados, Belize, and Jamaica.
“The disaggregated data available for four Caribbean countries show that increased shipments to the United States and the European Union accounted for most of the growth.”
Last week’s first virtual forum brought together ministers, development institutions and more than 200 business leaders and private sector firms from across Africa and the Caribbean, to explore pathways for expanding commercial ties between the two regions.
“This four-part virtual webinar series is designed to move AfriCaribbean engagement beyond high-level political dialogue toward practical, solution-driven private sector collaboration,” those involved in the series stated.
“The series aims to strengthen trade, investment, and business linkages between Africa and the Caribbean, with a strong emphasis on private sector leadership and participation.
The next webinar is tomorrow, focusing on Harnessing Sustainability In Cosmetics And Fashion: Growing AfriCaribbean Value Chains.
It will be followed by others on Harnessing Opportunities: Building Resilient AgriTrade Across Africa And The Caribbean, and Scaling Innovation: Unlocking HealthTech And MedTech Solutions Across Africa And The Caribbean.
