Caribbean seeks stronger Africa trade as traditional routes waver
(Reuters) -Caribbean nations are looking to "decisively" broaden opportunities for trade with Africa, the secretary-general of its regional bloc said on Monday, in view of looming uncertainty with its more traditional trade partners.
WHY IT'S IMPORTANT
Stronger trade ties with Africa would signal a key economic shift in a region relies heavily on trade with the U.S., Canada and Europe, in a period of growing protectionism.
In April, Washington imposed a baseline 10% tariff on nearly all its trade partners. It has been levying its power to influence domestic Caribbean policies on issues such as Cuban medical services and citizen-by-investment programs.
KEY QUOTE
"We must decisively open the door to greater trade between our regions," Caribbean Community (CARICOM) Secretary-General Carla Barnett said at the opening of the AfriCaribbean Trade and Investment Forum in Grenada.
"CARICOM trade with the Continent must grow beyond the current levels of less than 3% of our overall trade, particularly with the uncertainty that currently looms over trade with traditional partners."
BY THE NUMBERS
The U.S. is CARICOM's largest trading partner, according to latest data from the Observatory of Economic Complexity (OEC).
The U.S. bought a quarter of the bloc's $38.8 billion in exports shipped throughout 2023, according to OEC data, and sold 39% the $43.4 billion worth of goods imported into the region.
CONTEXT
Caribbean nations remain particularly vulnerable to global economic shocks such as inflation and pandemics, due to their reliance on tourism, imported food and fuel, and their exposure to climate-related disasters.
Barnett said the region has already collaborated with Africa on so-far unsuccessful campaigns for slavery reparations from former colonizers and for compensation from rich nations for climate change, which disproportionately affects small island states.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
Sony reports Q1 profit up 36.5%, beating estimates
TOKYO (Reuters) -Sony on Thursday reported a 36.5% rise in operating profit in the April-June quarter, beating analyst estimates. Operating profit was 340 billion yen ($2.30 billion). That compared with an estimate of 288 billion yen from eight analysts polled by LSEG. ($1 = 147.5400 yen) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
28 minutes ago
- CNBC
China's July exports top expectations, rising over 7%; imports record biggest jump in a year
China's exports growth in July sharply beat market expectations as the clock on a tariff truce with the U.S. keeps ticking, while imports rose their highest jump in a year. Exports climbed 7.2% in July in U.S. dollar terms from a year earlier, customs data showed Thursday, exceeding Reuters-polled economists' estimates of a 5.4% rise. Imports rose 4.1% last month from a year earlier, accelerating the 1.1% rebound in June in its first growth this year. Economists had forecast imports to fall 1.0%, according to a Reuters poll.
Bloomberg
28 minutes ago
- Bloomberg
Investor Caution Deepens in India as Trump Turns Up Tariff Pain
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Alex Gabriel Simon, an equities reporter in Mumbai. You'd expect investors in India to be rattled by President Donald Trump's move to double tariffs on the country to 50%. But Nifty futures and the offshore rupee aren't reflecting any of that tension, for now. Traders are perhaps betting that the 21-day window before the new tariffs kick in could give India just enough time to negotiate or even get the decision rolled back. That said, the souring of ties with the largest trade partner — especially at a time when India's growth is slowing — will likely keep equity buyers on the sidelines. Apart from trade tensions, investor attention will also be on top consumer names Titan and Godrej Consumer as they report first-quarter earnings later in the day.
