A pivotal summit scheduled for mid-June this year at Nassau, The Bahamas, is set to fortify economic relations between Africa -Caribbean nations. This event, hosting the 31st Afreximbank Annual Meetings (AAM) and the third edition of the AfriCaribbean Trade and Investment Forum (ACTIF), marks an unprecedented collaboration in this region.
The African Export-Import Bank (Afreximbank) alongside The Bahamas have signed a strategic agreement to facilitate this gathering, noted as the first to be held within the Caribbean. Afreximbank President, Professor Benedict Oramah, underscored the event’s strategic importance, extending beyond mere symbolism.
Prof. Oramah relayed insights from the International Monetary Fund (IMF), which predicts seven African nations along with one from CARICOM (Caribbean Community) will rank among the world’s ten fastest-growing economies. This forecast highlights significant potential for enhanced cooperation among these burgeoning regions.
This year’s summit theme, ‘Owing Our Destiny: Economic Prosperity on the Platform of Global Africa,’ articulates a commitment to tackle mutual challenges and capitalize on economic opportunities. Discussions will aim to promote growth, development, and prosperity, fostering a robust relationship between Africa and the Caribbean, while enhancing trade and investment flows, including engagements with the diaspora.
With the global economic climate marked by tensions and protectionism, Prof. Oramah stressed the necessity for robust bilateral trade agreements. He critiqued the shift away from a rules-based trading system, which has been instrumental in supporting the economic ambitions of developing nations through transparent and equitable international trade practices.
During the signing ceremony, the Prime Minister of the Commonwealth of The Bahamas, Philip Davis, expressed optimism regarding the summit’s potential to unlock significant trade opportunities. Prime Minister Davis noted that the forum would serve as both a dialogue platform and a conduit for substantial economic benefits and prosperity shared between the regions.
As the summit nears, delegates from Africa and the Caribbean are gearing up to explore a range of strategies and initiatives aimed at reinforcing their economic ties and promoting a future of enhanced regional integration and mutual growth.
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