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Annual trade in goods and services between Africa and the Caribbean could grow to as much as $1.65 billion by 2030, excluding mineral fuels, if both regions take steps to unlock significant untapped opportunities, according to a new report released by the International Trade Centre (ITC) and the African Export-Import Bank (Afreximbank).

The report, Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, was launched on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda.

According to the study, economic ties between Africa and the Caribbean remain underdeveloped despite strong historical, cultural and commercial connections. Current trade represents only a small fraction of each region's overall trade activity, even though both regions possess complementary strengths across sectors including agribusiness, manufacturing, services and the creative economy.

One of the report's key findings is that approximately 80 per cent of Africa's annual goods export potential to the Caribbean remains untapped, suggesting substantial room for trade expansion through targeted investment and improved market access.

The report also highlights significant opportunities for Caribbean exporters, particularly in the services sector, where export potential is estimated at $481 million. Promising areas for growth include processed foods and animal feed, chemicals, minerals and metals, apparel and textiles, leather products and footwear, tourism, transport services and creative industries.

The findings are based on trade and export potential analyses, detailed sector assessments and a survey involving 1,175 businesses and business support organisations across both regions.

Launching the report, ITC Executive Director Pamela Coke-Hamilton said growing uncertainty in global trade makes stronger regional partnerships increasingly important.

"At a time of major shifts in global trade, countries need to strengthen regional ties and invest in value addition to build resilience," she said. "We know the major trade opportunities between Africa and the Caribbean, and now we can focus on helping businesses take advantage of those opportunities through better market intelligence, improved logistics and greater access to finance."

Afreximbank Senior Executive Vice President Denys Denya said the report provides a practical framework for deepening commercial relations between the two regions.

"Africa and the Caribbean must transform a shared history into shared prosperity," Denya said, noting that Afreximbank has established a CARICOM office in Barbados, approved about $1 billion in transactions and committed $5 billion in regional financing to support trade and investment.

He added that initiatives such as the Afri-Caribbean Trade and Investment Forum, the Caribbean and African Payment and Settlement System (CAPSS) and creative-industry collaboration under CANEX are designed to strengthen economic integration and create new opportunities for businesses.

Despite the potential, the report identifies several obstacles hindering trade growth. Businesses surveyed cited high transportation costs, limited direct shipping routes, regulatory barriers, inadequate access to finance and difficulties in finding reliable business partners as major challenges.

The report argues that future cooperation should extend beyond traditional merchandise trade to include joint investment ventures, digital services, tourism and the creative economy. It recommends targeted measures to improve market intelligence, strengthen business matchmaking, expand trade finance and payment solutions, enhance transportation and logistics links, support sector-specific value chains and improve regulatory cooperation between African and Caribbean economies.

The authors conclude that addressing these barriers could help transform longstanding cultural connections into a more dynamic and mutually beneficial economic partnership capable of generating billions of dollars in new trade over the coming decade.