The case for connecting markets
Commonwealth Secretary-General Shirley Botchwey, African Export-Import Bank President and Chairman Dr. George Elombi, and International Trade Centre (ITC) Executive Director Pamela Coke-Hamilton set out their proposals in a column published by AllAfrica. They argue that historical, cultural and diaspora ties could support stronger business relationships, including opportunities for women and young entrepreneurs.
Their appeal comes as trade tensions, geopolitical shocks and disrupted supply chains compound debt burdens, climate risks, poor connectivity and shortages of affordable finance. For Africa, the Pacific and the Caribbean, the authors say, these pressures strengthen the case for finding new markets, attracting productive investment and developing value chains that can withstand disruption.
The 28th Commonwealth Heads of Government Meeting will take place in St John's under the theme "Accelerating Partnerships and Investment for a Prosperous Commonwealth." According to the Commonwealth, it will be the first CHOGM under Botchwey. Leaders will meet investors and development partners to seek financing for "investment-ready projects" valued at $34 billion and submitted by 20 developing Commonwealth countries. King Charles III will address the opening ceremony on November 3.
The authors see an opening to connect two integration efforts: the African Continental Free Trade Area, whose framework encompasses goods, services, investment and digital commerce, and the CARICOM Single Market and Economy. Linking them could let companies pool supply and demand, reach larger markets and build the scale needed to attract investment.
Few firms trade across the Atlantic
A survey included in forthcoming ITC analysis supported by Afreximbank shows how limited those business connections remain. Among 1,175 businesses and business support organizations surveyed, 10% of African companies and 12% of Caribbean companies reported trading with the other region. Yet participants with that experience were largely favorable: 79% of African firms and 82% of Caribbean firms rated it positively or very positively.
Earlier research published jointly by ITC and Afreximbank in 2024 estimated goods trade between the regions at about US$729 million, excluding tobacco, arms and fossil fuels. During the preceding decade, exports to the other region never represented more than 6% of either region's total trade.
ITC modeling indicated that annual trade could reach US$1.8 billion by 2028 if value addition, trade facilitation and logistics received priority. Updated projections from 2025 put the potential ceiling at US$2.1 billion within five years. The research also identified an 88% tariff facing Caribbean rum exporters selling into African markets.
Integration within the Caribbean remains unfinished as well. The Inter-American Development Bank puts intra-CARICOM trade at about 15% of the bloc's total, compared with 55% in Asia and 68% in Europe.
Shipping costs and a new air connection
The column describes mutually reinforcing obstacles: low trade volumes make direct transport links harder to sustain, weak connections increase costs, and thin business networks limit access to reliable information and trusted partners. Companies also face difficulties meeting standards and arranging finance for smaller transactions.
ITC estimates that freight absorbs almost 20% of the shipment value of African exports to the Caribbean, versus just over 8% for African exports worldwide. For goods moving from the Caribbean to Africa, the figure approaches 22%. Limited routes and fragmented transport networks continue to constrain trade.
A scheduled air route offers one example of improved connectivity. Air Peace's first scheduled commercial flight from Lagos to Barbados took place on May 24, 2026, with more than 284 passengers aboard a Boeing 777. The airline planned two subsequent flights per month, on the last two Mondays of each month. Described as the only scheduled nonstop route between Nigeria and the Caribbean, it illustrates the scope for connections that support business travel, tourism and other services, the authors say.
Financing businesses and testing local-currency payments
Making capital available is only part of the financing task, according to the authors. Firms also need help understanding funding options and lenders' requirements, while financial institutions need suitable instruments to manage risk. They identify trade finance, working-capital facilities, guarantees and risk-sharing arrangements as ways to connect viable businesses with funding.
Afreximbank has announced plans to expand its financing capacity for CARICOM. Speaking on February 25, 2026, at the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in Basseterre, St Kitts and Nevis, Elombi said the bank would increase its regional financing ceiling from US$3 billion to US$5 billion, aiming for full utilization within three to four years.
At the time of that announcement, the bank had disbursed more than US$750 million across CARICOM member states, with transactions exceeding US$2 billion under execution. By early 2026, 13 CARICOM countries had joined Afreximbank's Establishment Agreement, a legal requirement for direct access to its instruments. The bank reported more than US$40.1 billion in total assets and contingencies and US$7.2 billion in shareholder funds at the end of 2024.
Payment delays, high charges and uncertainty can also prevent transactions from going ahead, particularly for small and medium-sized enterprises. A Caribbean initiative is now testing an alternative: as of October 2026, the CARICOM Payment and Settlement System (CAPSS) had entered a pilot covering 11 jurisdictions. Developed by Caribbean central banks with Afreximbank, it enables real-time cross-border transfers in local currencies without using the US dollar as an intermediary.
CAPSS follows the model of the Pan-African Payment and Settlement System (PAPSS), which Afreximbank and the African Union launched in 2022. PAPSS now connects banks and payment providers in 16 African countries. Central banks plan eventually to connect the Caribbean pilot system with PAPSS, creating a payment link between the two regions; that connection is not yet in place.
Keeping more value in local economies
The proposed trade agenda goes beyond merchandise. The authors highlight services, digital businesses and creative industries as opportunities to retain more value in both regions. Despite Africa's and the Caribbean's internationally recognized cultural assets and extensive diasporas, they say, much of the financial value generated by creative work accrues elsewhere.
They call for support that treats creators as businesses rather than focusing only on cultural exchange. That means access to financing, reliable payments, intellectual property expertise, distribution and direct relationships with buyers and investors. In their view, these measures could increase revenue and keep more jobs in local economies.
Commonwealth trade and investment platforms can bring businesses, investors and policymakers together to address obstacles beyond the reach of any one company or government. Member countries are developing a workplan through the Commonwealth's Working Group on Trade and Investment to expand commerce within the organization. The authors identify more compatible regulations, mutual recognition of standards and qualifications, and simpler border procedures as areas for cooperation.
They argue that businesses will ultimately determine whether these efforts produce lasting commercial relationships. Their proposed measure of progress is concrete: investment reaching viable enterprises, logistical and payment barriers being resolved, small firms gaining customers and investors, and introductions leading to contracts and sustained access to new markets.
