Africa and the Caribbean Strengthen Trade Ties in $2 Billion Push

Africa and the Caribbean are strengthening economic ties, with trade between the regions expected to reach nearly $2 billion annually in the coming years. The African Export-Import Bank (Afreximbank) has pledged $1 billion in financing to support Guyana’s booming oil sector, facilitating partnerships with companies from Ghana, Egypt, and South Africa. Meanwhile, Benin and Dominica signed trade and investment agreements, including a visa waiver to ease movement between both nations. Furthermore, the African Union and CARICOM recently signed a memorandum of understanding to boost collaboration. Despite logistical challenges, leaders from both regions see these partnerships as an opportunity for economic independence, leveraging natural resources and historical connections for mutual benefit.

Source: Semafor