The Afro-Caribbean business forum held earlier this month in Barbados resulted in the signing of 14 agreements and memorandums of understanding to deepen economic relations between the two regions, the organization announced yesterday..

These agreements, which aim to "form the foundation for bilateral relations and strengthened commercial and investment ties" represent "the culmination of the historic forum" that took place in the capital of Barbados between September 1st and 3rd and brought together the public and private sectors of African and Caribbean countries, says the organization in a statement quoted by Lusa released yesterday.

Among the major diplomas signed during the AfriCaribbean Trade and Investment Forum (ACTIF2022) were partnership agreements between the African Export-Import Bank (Afreximbank) and seven Caribbean countries - Antigua and Barbuda, Barbados, Dominica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, and Suriname.

This agreement lays the foundation for increased trade and investment relations between the two regions and establishes the framework for cooperation to promote and finance south-south trade.

An agreement between Afreximbank and the Central Bank of Barbados provides for the mobilization of $250 million in a program to promote trade and investment financing between Africa and the Caribbean in collaboration with Barbados' central bank and local banks.

A $150 million agreement between Afreximbant and the pan-African oil conglomerate MRS Oil & Gas; another of $10 million with the financial advisory firm Woodhall Capital Limited to finance the acquisition of refined petroleum products for supply to oil companies operating in Nigeria or another of $16.56 billion for the construction of a soybean and palm processing plant in Nigeria were other charters signed in Barbados.

The meeting also saw the signing of a memorandum of understanding that creates the Afro-Caribbean Business Council, which aims to foster business opportunities between the two regions in agriculture, fisheries, and tourism, Amany Asfor, president of the African Business Council, told Lusa at the time.

Afreximbank has also signed a memorandum of understanding with the International Trade Centre (ITC) to continue its collaboration in harmonizing efforts to promote trade and economic development.

Organized by Afreximbank and the Government of Barbados under the motto "One People. One Destination. Unite and Reimagine our Future," the AfriCaribbean Trade and Investment Forum (ACTIF2022), was held in Barbados between September 1 and 3 to strengthen economic ties between Africa and the Caribbean, a region that the African Union considers the sixth region of Africa.

Attended by more than 1,200 people from 41 African countries and 16 Caribbean countries, among others, the meeting ended with a commitment to improve relations between Africa and the Caribbean in areas such as trade, investment, technology transfer, innovation, transport, tourism, and culture.