Africa Prosperity Dialogues: Untapped trade opportunities exist between Africa & Caribbean, but barriers must be addressed – Pres Ali

…points out 0.1% of African exports destined for Caribbean countries as of 2020

By Rupa Seenaraine

With the potential for massive trade between Africa and the Caribbean region, President Dr Irfaan Ali has called for the current trade barriers and regulations to be addressed to capitalise on this latent prospect.
Speaking at the Africa Prosperity Dialogues 2024 in Ghana on Saturday, President Ali – who is also the sitting Caricom Chair – highlighted that less than 0.1 per cent of African exports is destined for Caribbean countries as of 2020 and the share of exports into the Region from Africa recorded a downward trend since 2015.
The share of exports from the Caribbean to Africa also showed a similar trend since 2015. Trade between Africa and the Caribbean is highly concentrated around primary minerals.
However, bolstering these numbers would mean fixing the existing bugbears which hamper trade relations.
“These are things that we need to fix. The opportunities are there for massive increases in the trade between Africa and the Caribbean. We have to fix the trade barriers and the issues of transport and logistics. We have to fix the rules between ourselves that will help to stimulate trade and advance trade between our countries,” he said.
According to the Guyanese Head of State, such advancements can tie into the bigger picture of achieving food security and other critical targets. He added that the competitive advantage which Guyana brought coupled with the experience of African countries could result in a superior partnership.
“You may say our population is very small, but what we give to Africa and investors is access to a market of over 400 million people in which we have trade arrangements and trade agreements. The size of the aquaculture market in the US alone is US$4 billion and Guyana is among the competitive countries when it comes to aquaculture and the production of fish products.
“You have the know-how. You have the technology. We have the land. We have the competitive advantage. What if we merged? And for us to do this, we have to think outside of the box,” Dr Ali remarked.
Countries were urged to explore building a winning culture, adapt to changing business environments, investing in ideas and breaking traditional grounds. With these insights, leaders were encouraged to work vigorously in placing Africa on the global front while simultaneously focusing on resilience, sustainability, and competitiveness.
“We must show to the world that we can produce the best system of governance, we can produce democratic societies, and that we can stand at all times on the side of the rule of law. That will allow us to demonstrate that we’re serious about ensuring that Africa is resilient, sustainable, and competitive,” Dr Ali declared.
Technology, artificial intelligence, digitisation, and robotics will be the challenges of the future, he asserted, which requires investments in infrastructure and institutions to confront these.
“We cannot speak about prosperity if we do not start addressing these issues now. We have seen already; we’re always playing the catch-up game. When we the world went ahead with industrialisation, we were catching up to be competitive. Now the world is heading apace with digitisation,” he stressed before the forum.
On the issue of integration, the Caricom Chair insisted that it was not a fixed destination, but rather an ongoing and evolving process. He added that issues of Foreign Direct Investment and economic sovereignty should be high on the agenda.
Ali said, “Integration demands time, patience, and a ceaseless commitment in nurturing a collaborative framework. Understanding that the benefits of integration may not manifest instantly but rather over time helps manage expectations and underscores the need for perseverance in realising the long-term dividends of such endeavours.”
Some 55 countries in Africa have proven natural gas reserves while the continent sports 40 per cent of the world’s gold; 60 per cent of arable lands; 90 per cent of chromium and platinum, and the largest reserve of diamond and uranium.
Ali contended, “How are we going to deploy this to solve the global issues surrounding climate security, energy security, food security, and human transformation? We have been blessed in this region with the natural assets to provide the solutions…What is required is a commitment to action, meeting targets and staying on track with the targets we set.”

Fearless leadership
President Ali also lauded Africa’s leadership in supporting the right side of humanity in the current Israel-Palestine conflict, and more particularly, Guyana, during Venezuela’s recent acts of aggression.
“Africa has been a place of fearless leadership. Recently, South Africa reminded us that Africa remains a place where fearless leaders exist, always standing up on the right side of things and humanity…My own country experienced recently, the resounding support of Africa’s leadership at the UN Security Council when we came under threat,” Dr Ali noted.
Last December, South Africa instituted proceedings against Israel before the International Court of Justice (ICJ) in what is called the Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip.
South Africa’s submission alleged that Israel has committed, and is committing, genocide against Palestinians in the Gaza Strip, in violation of the Genocide Convention.
This week, the ICJ ordered Israel to “take effective measures to prevent the destruction and ensure the preservation of evidence related to allegations of” genocidal acts against Palestinians in the Gaza Strip.
In building out the institutional and structural arrangement of the local budding oil and gas sector, Ali lauded the support from the Ghanaian Government in crafting a solid local content framework.
“In Guyana, for example, we are a new kid on the block about oil and gas. We understand how economic sovereignty is important for us. That is why we wanted to enact legislation that ensures local content and local participation. Of course, there were many offers, but we came to Ghana and we got the best possible legislation with the support from Ghana.”