Caribbean-Africa partnership: Recently, a very good development came up from the end of the underdeveloped world loosening its chains from the West. The Bahamas, an island country, has furthered its outreach to African countries where banks are now showing interest towards the Bahamas, making it a bright face of the Caribbean region.
Trustworthiness is an important factor needed for countries to tackle any sort of selfish or exploitative mess, which is the doing of imperialists. It is a thrilling initiative of developing countries to find a common ground to collaborate in a chaotic world order, witnessing resource diminution.
The MoU: Starting Over?
The MoU signing between the Africa Import-Export Bank and the Ministry of Bahamas seems to be a good beginning to new relations with like-minded countries which are bearing the brunt of Western diktats. This event was attended by PM Phillip Davis, Simon Wlson , Ayman El Zoghby and Temwa Gondwe.
Looking at Nassau joining Afreximbank, new initiatives are being worked on to make trade efficient and robust. Other Caribbean countries such as Barbados have also got linked to the bank for the same purposes.
Trade relations are also being worked on, looking at which have a good export rate of about USD$ 1 billion in the automobile, tourism and fertiliser sectors, as per an IISD report
In September this year, the African Caribbean Trade and Investment Summit was a dawn of a new emerging period, where many countries entered into MoUs with the Import-Export Bank which included Barbados, St Vincent and Grenadines, St Kitts and Nevis, Barbados etc.
This initiative may have compelled even the Bahamas to rethink keeping options open for joining a new trade exchange or Caribbean-Africa partnership with African countries. Bahamas Premier Davis stated that this will be useful in the private sector which needs a lot of attention and restructuring which isn’t provided benefits by the Caribbean Development Bank. This initiative worth USD$ 700 million is important for the proper borrowing of funds and supporting banking operations.
Read More: How Biden gave Trinidad and Tobago to China on a silver platter
Many other sectors need to be put in place which include poultry, agriculture and the promotion of renewable energy.
Yes, this opportunity given by the African bank could be seen as a win-to-win for both parties. In case a Caribbean-Africa partnership becomes a reality then, of course, a resurgence of South-South Trade will be optimistic. Investments and trade are key drivers towards development and USD$ 250 Million has been committed to an Investment Programme too! It’s good to see the selfless intentions of smaller countries showing colours of cooperation and collaboration.
No Need For Western pampering
Neutral blocks have been essential in increasing options and opportunities for weaker countries in Africa and the Caribbean where many are taking sides because of indecisiveness and weak leadership in respective governments.
Read More: The illegal drug problem that has enslaved the Caribbeans for a century
Definitely, the Import Export MoU is a new stepping stone for third-world countries to open up their economies, and exchange high-quality goods and infrastructure, without getting drained out or alienated. Job creation and skill development will remove all shameful images of crime, and drug abuse where this initiative will be key in developing sectors such the small-scale medium enterprises and an orderly loan provision system, with free trade.
https://www.youtube.com/watch?v=ANMu9aP5ers
