OPINION: From Commonwealth connections to economic opportunity: Expanding

By Hon Shirley Botchwey, Commonwealth Secretary-General; Dr George Elombi, President and Chairman of the Board of Directors, African Export-Import Bank; and Pamela Coke-Hamilton, Executive Director, International Trade Centre

When Commonwealth leaders gather in Antigua and Barbuda this November, they will confront rising trade tensions, geopolitical shocks and supply chain disruption alongside longstanding challenges, such as high debt, limited affordable finance, climate exposure and poor connectivity.

Across Africa, the Pacific and the Caribbean, these pressures make diversifying markets, attracting productive investment and building resilience through trade even more urgent. They also increase the importance of regional and cross-regional value chains that can withstand disruptions to established trade relationships.

One opportunity lies in plain sight: stronger Africa-Caribbean economic connections. Shared history, culture and diaspora relationships provide a foundation, as do common ambitions to diversify exports, add value locally and create opportunities for small businesses, including those led by women and young entrepreneurs.

The institutional landscape is also changing. The African Continental Free Trade Area (AfCFTA) is building a framework for trade including goods, services, investment and digital commerce, while the Caribbean is deepening the CARICOM Single Market and Economy.

Connecting these integration efforts across the Atlantic could help firms aggregate supply and demand, build scale develop regional value chains and access large markets.

A bigger, more integrated market can improve the commercial case for investment and the economics of cross-regional trade.

Forthcoming analysis by the International Trade Centre (ITC), undertaken with the support of Afreximbank, points to considerable unrealised trade potential between Africa and the Caribbean. But the numbers tell only part of the story.

In a survey of 1,175 businesses and business support organisations only 10% of African companies and 12% of Caribbean companies reported trading with the other region.

Yet among those that did, 79% of African firms and 82% of Caribbean firms described their experience positively or very positively. The challenge is less about potential than removing barriers to scale.

Businesses struggle to access reliable market information, trusted partners and appropriate finance, as well as to navigate standards and move goods efficiently.

These constraints are not new. Low trade volumes weaken direct transport links; poor connectivity raises costs; limited commercial relationships restrict

information; and smaller transactions are harder to finance.

The priority is to tackle these challenges in a comprehensive way. Physical distance remains particularly costly. ITC estimates freight costs on African exports to the Caribbean at almost 20% of shipment value, compared with just over 8% for African exports globally.

Caribbean exports to Africa face costs approaching 22%. Limited routes and fragmented networks continue to undermine viable trade. Scheduled direct air services between Lagos and Barbados, launched in 2026, illustrate how improved connections can support business travel, tourism and wider services.

Access to finance depends not only on the availability of capital, but on whether viable opportunities can be connected to appropriate financing. Businesses need guidance on available funding and lender requirements, and financial institutions need appropriate instruments and ways to manage risk.

Trade finance, working-capital facilities, guarantees and risk-sharing mechanisms can all bridge these gaps. Payments also matter, especially for small and medium-sized enterprises (SMEs).

Slow, costly or uncertain transfers can derail transactions. More efficient cross-border payment systems would reduce both transaction costs and risks. Africa’s Pan-African Payment and Settlement System (PAPSS) offers useful lessons for simplifying payments as financial links with the Caribbean deepen.

Beyond trade volumes, value creation extends beyond goods. Services, digital solutions and the creative industries can generate more value within both regions.

Africa and the Caribbean have globally recognised cultural assets and extensive diasporas, yet much of the creative value is captured elsewhere. Creators and firms need finance, workable payments, intellectual property expertise, distribution channels and direct access to buyers and investors.

Supporting creative businesses, rather than only promoting cultural exchange, would generate more revenue and help jobs remain in local economies.

Governments and institutions can create the enabling environment, but businesses will ultimately determine whether a new chapter in Africa–Caribbean economic relations succeed, especially for SMEs.

Commonwealth trade and investment platforms can connect policymakers, investors, entrepreneurs and business leaders. They offer a way to identify obstacles that no single firm or government can resolve alone. Success, however, means introductions becoming contracts, investment reaching viable enterprises and businesses entering new markets.

The Commonwealth brings an existing economic advantage to this endeavour. The opportunity is to make that advantage work more deliberately for Africa–Caribbean commerce, where physical distance, limited market information and still-thin commercial networks continue to constrain trade.

Through its Working Group on Trade and Investment, member countries are developing a workplan to expand intra-Commonwealth commerce. Cooperation on compatible regulations, mutual recognition of standards and qualifications, and simpler border procedures can help realise these gains.

ITS’s work on investment promotion and digital trade to women's economic empowerment, small-state resilience and emerging Africa–Caribbean business linkages can advance this agenda. Afreximbank's Global Africa vision brings the finance, investment and commercial infrastructure required to turn diaspora ties into sustainable economic relationships.

These capabilities are complementary. Trade policy can open markets; finance helps businesses act; and enterprises sustain commercial relationships. The practical test is clear: identify viable opportunities, mobilise investment, resolve logistics, finance and payment barriers, connect SMEs to customers and investors, use digital trade to overcome distance and retain more value within regions. Progress should then be measured in transactions, market access and sustainable business relationships.

As leaders gather in Antigua and Barbuda, they can demonstrate how a connected Commonwealth can convert partnerships into investment, enterprise and shared prosperity.