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ITC-Afreximbank research predicts Africa-Caribbean trade to hit US$1.8 billion by 2028 - https://lnkd.in/gfVXwy5b - Trade between Africa and the Caribbean could reach US$1.8 billion annually by 2028 if efforts are focused on value addition, trade facilitation, and improved logistics, according to new research from the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank). Currently, the bilateral trade in goods between the two regions amounts

Trade between Africa and the Caribbean could rise to $1.8 billion per year by 2028 if value addition, trade facilitation and improved logistics are prioritized, according to new research by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank). 

African business grows by 3,2% thanks to free trade area: Intra -African trade has expanded by 3,2% in the last year. This is according to the African Import and Export Bank’s (Afreximbank) 2024 African Trade Report and 2024 African Trade Economic Outlook Report. Afreximbank managing director and group chief economist Yekini Kale says the expansion was mainly due to the implementation of the African Continental Free Trade Area (AfCFTA). In monetary terms, intra-trade grew to US$192,2 billion during the period under review, he says. He was speaking at the Afreximbank annual general meetings (AAM) and third edition of the AfriCaribbean Trade and Investment Forum (Actif2024) in the Bahamas on Wednesday. “The share of intra-African trade to total trade also increased to 14,9% in 2023 after posting 13,6% in 2022,” he said. Several heads of state, ministers, government officials and captains of industry were among the over 2 000 delegates attending day one of the 31st AAM, themed ‘Owning our Destiny: Economic Prosperity on the Platform of Global Africa’. The first day of the meetings called to strengthen ties between Africa and the Caribbean, the sixth region of the African Union. The governor of The Bahamas’ central bank, John Rolle, called for the capitalisation of opportunities to learn, share and network. He said the Caribbean could benefit from learning more about the Pan-African Payment and Settlement System (Papps) from Africa. “A successful project in the Caribbean could keep us on pace to deliver on targets that are already being set for an international payment system that is more integrated, faster and significantly cheaper for the average consumer,” he said. Afreximbank’s senior executive vice president, Denys Denya, said the AAM and Actif2024 were a reunion of all Africans in the context of global Africa and would help shape the shared vision and aspirations of the Caribbean region and Africa. “For a continent that is endowed with such an abundance of natural resources, the quest for sustainable development has been a perennial struggle. The state of development across the Caribbean region, while not identical, is not quite different from this narrative. “It is in this context of sustained deprivation and marginalisation that we seek to unify our forces in the context of global Africa for a better future. In our unity, we have the numbers, we have the voice to sit at the table when decisions are made. We are a viable force to influence global decisions,” he said. Meanwhile, Pamela Coke-Hamilton, the executive director of the International Trade Centre, emphasised the significant trade potential between Africa and the Caribbean, projecting trade to reach US$1,8 million annually by 2028. She suggested it is time to explore establishing a free trade area between Africa and the Caribbean. “Trade agreements are one way to help bring down…

The new report is released by the International Trade Centre (ITC) and African Export-Import Bank (Afreximbank). Current bilateral trade in goods between the two regions is worth $729 million*. These preliminary findings were released in Nassau, the Bahamas, as part of the launch of the ITC-Afreximbank ‘Strengthening AfriCaribbean Trade and Investment’ project during the 31st Afreximbank Annual Meetings and the third AfriCaribbean Trade and Investment Forum (ACTIF). The research shows that the travel and transport sectors offered the greatest potential contribution to that growth, making up two-thirds of the potential ‘services trade’ between the two regions. These latest findings also show that, in the goods segment, minerals and metals; wood, paper, rubber and plastics; processed food and animal feed are the three most important sectors. The objective of the project is to boost trade and investment in Africa and the Caribbean, and to enhance cooperation between the private sectors of the two regions. Following this launch, Afreximbank and ITC will develop in-depth profiles of sectors in the two regions to map out these five promising value chains and identify barriers to, and requirements for, growth. The results of this analysis will be featured in a comprehensive report that will be published at the Fourth ACTIF in 2025. Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, reacting to the findings, said: “The report confirms the vast Africa-Caribbean trade and investment opportunities that remain untapped. It provides a strong validation of Afreximbank’s Caribbean Strategy. With a project pipeline of $2.5 billion and an investment pipeline worth $1.5 billion, the Bank has demonstrated its commitment to realizing opportunities across the two regions. The productive collaboration between Afreximbank and ITC is a testament to this, as it aims to bridge the knowledge gap and build capacity among small and medium-sized enterprises, which are critical for the growth of Africa-Caribbean trade and investment.” Read More: https://lnkd.in/e-fRUJcm

Could Africa-Caribbean trade reach US$1.8 billion by 2028? According to recent research by the International Trade Centre (ITC) and the African Export-Import Bank (Afreximbank), this impressive milestone is achievable through strategic investments in value addition, trade facilitation, and improved logistics. #AfricaCaribbeantrade #bilateraltrade #Investmentopportunities #Renewableenergy #strategicinvestments #TradeAgreements #tradefacilitation #Tradelogistics #thxnews

𝗜𝗻𝘁𝗿𝗮-𝗥𝗲𝗴𝗶𝗼𝗻𝗮𝗹 𝗧𝗿𝗮𝗱𝗲 𝗕𝗼𝗼𝘀𝘁𝗲𝗱 𝗕𝘆 𝗚𝗹𝗼𝗯𝗮𝗹 𝗗𝗶𝘀𝗿𝘂𝗽𝘁𝗶𝗼𝗻𝘀 02 July 2024 – African countries are expanding trade with each other in the face of global disruptions such as the Russian invasion of Ukraine and the Israel-Gaza conflict, according to the African Export-Import Bank (Afreximbank) Trade and Economic Outlook Report 2024. The World Bank Forum estimates that road networks carry $200 billion of goods and commodities in Africa – around 10% of total continental gross domestic product. Rail remains underutilised due to lack of investment in most countries. “The continent’s merchandise trade, which achieved an impressive growth of 15.93% to $1.4 trillion in 2022, up from $1.2tn in 2021, was significantly affected, contracting by 6.3% to $1.3tn in 2023,” according to the report. “Intra-regional trade performance, in contrast, based on the trade balance, has been remarkable over the last three years.” In 2022, the value of intra-African trade increased to about $185.1bn from $169.9bn in 2021 after two years of decline. In 2023, intra-African trade increased to $189.3bn. “This performance is reflective of the resilience of the African economy and the potential impact of the African Continental Free Trade Area’s (AfCFTA) single market for the continent as a tool to protect them from global shocks,” said Yemi Kale, Afreximbank’s group chief economist and managing director of research and international cooperation. https://lnkd.in/dB8CxXPx #africatrade #internationaltrade #southafrica #southafricanbusiness #tradecreditinsurance #creditinsurance #receivablesmanagement #tradeinsurance #exportinsurance #importinsurance

Could intra-African trade double before we know it? The African Continental Free Trade Area (AfCFTA), signed by 54 African nations, aims to boost intra-African trade but faces challenges in infrastructure, finance, and governance. Progress has been slow since its 2020 launch, though implementation has improved, with 37 countries now trading under the agreement’s rules. Leaders are addressing hurdles like fragmented markets and infrastructure gaps, working towards doubling intra-Africa trade in the next five years through improved logistics, customs systems, and political will. Read the full story: https://lnkd.in/dvBzcHWF

INTERNATIONAL COMMODITY TRADING NEWS | 2024 will see a rebound for international trade as reported by UNCTAD. After enduring successive declines over several quarters, the outlook for international trade appears optimistic as 2024 unfolds, as indicated by the most recent Global Trade Update released by the United Nations Conference on Trade and Development (UNCTAD). #internationaltrade #UNCTAD #commodities #imperiumcs

Intra-African trade represented 14.9% of total African trade in 2023, an improvement over 13.6% recorded in the previous year. This was stated in the African Export and Import Bank’s (Afreximbank) African Trade Report 2024 with the theme "Climate Implications of the AfCFTA Implementation.” 🔀🌍👉 https://lnkd.in/dB9JrECs #Airlines #Africa #AfCFTA

The African share of global trade remained at less than three per cent, driven largely by merchandise trade in 2023, a report on the assessment of progress on regional integration in Africa has said. The report by the Economic Commission for Africa showed that African nations still engage in more trade with countries outside the continent than with each other. This Punch Newspapers report indicates despite African Continental Free Trade Area (AfCFTA) Secretariat launc, trade within Africa is still a big challenge. https://lnkd.in/ddJwfDKb