PM Holness Urges Deeper Trade Ties Between CARICOM and Africa

Prime Minister, Dr. the Most Hon. Andrew Holness, has called for deeper trade and economic collaboration between Jamaica – and by extension the Caribbean Community (CARICOM) – and the African continent to unlock the vast potential rooted in their shared heritage and expand global influence.

He made the call while addressing the Africa-Caribbean Symposium and commissioning of the African Village, at the Half Moon Hotel in St. James on Tuesday (July 8), as part of the 49th Meeting of the Conference of Heads of Government of CARICOM, hosted in Jamaica from July 6 to 8.

Dr. Holness, who Chairs CARICOM, noted that while Jamaica – and by extension the wider Caribbean – and Africa share deep historical and cultural ties, their economic partnership remains significantly underdeveloped.

“Africa is home to over 1.5 billion people with a combined GDP estimated at US $2.8 trillion. Moreover, 11 of the world’s 20 fastest growing economies in 2025 are in Africa, and real GDP growth in 21 African countries is projected to exceed five per cent in 2025 with four of those countries projected to reach as high as seven per cent,” he stated.

In contrast, Prime Minister Holness said CARICOM, with just over 16 million people, offers strategic trade routes and strong cultural and tourism links to major global markets, positioning the region as an ideal partner for Africa’s expanding economies.

“Our trade in Africa, while growing, remains below one per cent of CARICOM total global trade, and below 0.1 per cent of Africa’s total trade [volume], signalling that there is a vast untapped opportunity for us to explore and proceed,” he stated.

Dr. Holness said Tuesday’s symposium, held under the theme ‘From Shared Roots to a Shared Future: Africa and the Caribbean Unite’, is both a celebration of cultural bonds and a call for renewed South-South cooperation focused on trade, innovation, finance, culture, and people-to-people connections.

In the meantime, the Prime Minister welcomed the establishment of Afreximbank’s CARICOM office in Barbados, describing it as a “transformative” step towards building sustainable financial bridges between Africa and the Caribbean.

Jamaica officially acceded to the partnership agreement between the Caribbean Community (CARICOM) and the African Export-Import Bank (Afreximbank) on Tuesday with the signing of a Memorandum of Understanding (MOU).

The symposium focused on Afro-Caribbean collaboration in trade, tourism, and the creative economy, culminating in an African Village Cultural Showcase featuring regional cuisine, fashion, live performances, and appearances by Nollywood star Nancy Isime, and Afrobeats executive, Bizzle Osikoya.

“Let us forge joint ventures between African and Caribbean companies, expand scholarship programmes for our students to study at each other’s institutions, and connect our creative industries, our fintech entrepreneurs and our agribusiness pioneers,” Dr. Holness said.