Trade – CPSO

CARICOM Private Sector Organization (CPSO) Welcomes Afreximbank’s US$5 Billion Commitment to Strengthen CARICOM Trade and Investment

By Afiya RayAfrica Union-CARICOM Trade, CARICOM, news, Press Release, pressrelease, TradeNo Comments

Bridgetown, Barbados – The CARICOM Private Sector Organization (CPSO) has welcomed the African Export-Import Bank’s (Afreximbank) decision to increase its investment commitment to the Caribbean from US$3 billion to US$5 billion, describing the move as a major step toward expanding trade, investment, and economic cooperation between the Caribbean Community and the African Union (AU).

The announcement was made during the engagement between President of Afreximbank, Dr. George Elombi and CARICOM Heads of Government during the 50th Regular Meeting of the Conference held in Saint Kitts and Nevis on February 24, 2026. During that meeting, Dr. Elombi outlined Afreximbank’s strategic vision for deepening economic engagement with the Region and supporting initiatives aimed at expanding trade and investment flows.

“This expanded commitment by Afreximbank represents a major milestone in strengthening economic cooperation between the African Union and the Region,” said Dr. Patrick Antoine, Chief Executive Officer and Technical Director of the CPSO. “For the private sector in CARICOM, it offers the potential for realising expanded trade opportunities, deepening investment partnerships, and strengthening the productive capacities of private sector and infrastructure projects between CARICOM and the AU.”

Among the priority initiatives highlighted was the development of the Afreximbank Caribbean Trade Centre in Bridgetown, Barbados, which will also serve as the Bank’s regional office along with conference facilities and a five-star hotel. Construction of the facility is expected to begin this year.

Afreximbank has also indicated its willingness to support the establishment of a Caribbean Export-Import Bank, which is an institution envisioned to strengthen the Region’s capacity to finance trade and investment while contributing to a more robust regional financial architecture.

In addition, the Bank has been working with regional central banks to develop a CARICOM Payment and Settlement System (CAPSS), which could facilitate cross-border transactions through a regional clearing system and reduce reliance on hard currencies.

Recognizing the importance of physical connectivity in supporting trade expansion, Afreximbank further signaled its readiness to assist with financing initiatives aimed at strengthening air and maritime links between the Caribbean and the African continent, which remain critical to unlocking the full potential of AU-CARICOM trade and investment.

The CPSO, Afreximbank, and the Africa Business Council previously signed a Memorandum of Understanding (MOU) for the establishment of the African Caribbean Business Council (ACBC), a formal platform designed to facilitate structured private sector cooperation between the two regions. Through the ACBC, the Parties aim to advance trade and investment forums, business-to-business matchmaking, investment facilitation, financial sector cooperation, and capacity-building initiatives aimed at strengthening small and medium-sized enterprises, women and youth entrepreneurs. The framework also provides a mechanism to deepen institutional cooperation and explore longer-term opportunities for expanded AU-CARICOM trade and investment cooperation.

“The CPSO looks forward to deepening its collaboration with Afreximbank and the Africa Business Council, working alongside regional governments, financial institutions and private sector stakeholders to advance the implementation of these initiatives, including through the Africa Caribbean Business Council,” Dr. Antoine stated. “Our Organization remains committed to ensuring that the opportunities emerging from the strengthened AU-CARICOM partnership translate into concrete outcomes for regional businesses, expanded trade flows, and sustainable economic growth across the Region.”

About the CARICOM Private Sector Organization:

The CARICOM Private Sector Organization (CPSO) is the most recently accredited Associate Institution of the Caribbean Community. The CPSO is a ‘Service Organization’ to mobilize and advance private sector participation in CARICOM, with a mandate to contribute to the full implementation of the CARICOM Single Market and Economy (CSME). The Membership of the CPSO is comprised of private sector entities operating in the CARICOM space, including Micro, Small and Medium Sized Enterprises (MSMEs).

For media enquiries, please contact:

The CPSO Secretariat

Email: info@thecpso.org | website: www.thecpso.org

March 9, 2026

Former Miss Universe calls for AfriCaribbean Collaboration to Capture Multi-Billion Dollar Skincare Market Opportunity

By Afiya RayAfrica Union-CARICOM Trade, Beauty, CARICOM, Fashion, Press Release, pressrelease, Skincare, TradeNo Comments

Former Miss Universe and Caribbean entrepreneur Ms. Wendy Fitzwilliam has identified a major economic opportunity for the Caribbean Community (CARICOM) and the Africa Union to collaborate in building globally competitive fashion, beauty, and skincare industries for the world’s largely underserved, melanated population.

Speaking at the second installment of the AfriCaribbean Private Sector Webinar Series on January 27, 2026, Ms. Fitzwilliam emphasized that beauty and fashion must no longer be viewed as merely lifestyle industries but as strategic economic sectors capable of driving entrepreneurship, export growth, and inclusive development across both regions.

The former Miss Universe noted that the global skincare market is already valued at US$160 billion and projected to reach US$230 billion by 2032, while the wider beauty and fashion industries are worth over US$2 trillion.

Identifying access to ethical, natural raw materials such as cocoa, moringa, sea salt, ginger, and neem among other ingredients as a key advantage for both regions, she challenged policymakers, private sector leaders, and development partners to begin building the trade, logistics and payment systems that allow these inputs to move efficiently between Africa Union and CARICOM producers and onward to global markets.

“The opportunity is not only in what we produce, but in how quickly and reliably we can connect producers, processors, formulators, brands, and consumers across our regions,” she said.

The heart of Ms. Fitzwilliam’s message was framed by a simple but powerful insight: The majority of the global population is melanated, yet very few global skincare lines are specifically designed for their needs.

Ms. Fitzwilliam emphasized that the imbalance in the market represents a significant missed opportunity. Against this scale of demand, she contended that Africa and the Caribbean are uniquely positioned to capture a meaningful share of the market by building integrated value chains for products designed specifically for melanated skin. She acknowledged, however, that persistent challenges in trade facilitation, distribution channels, interoperable payment systems, and particularly the time it takes for goods to move between both regions remain key barriers. These are not insurmountable issues, she noted; once addressed, both regions could unlock substantial economic gains.

Calling for deeper collaboration between operators across Africa and CARICOM, Ms. Fitzwilliam expressed confidence that globally competitive brands could be built on authenticity, quality storytelling, and premium positioning rooted in biodiversity, culture, and traditional knowledge.

“The big global companies are already searching for the next breakthrough for melanated skin. We should build it for ourselves, first,” she encouraged. “This is not a small niche. This is a high-value, targeted global market. And we are uniquely positioned to lead it.”

The AfriCaribbean Private Sector Webinar Series are hosted by the International Trade Center in partnership with the Afreximbank, the CARICOM Private Sector Organization (CPSO) and the African Business Council. The third instalment, Harvesting Opportunities: Building Resilient AgriTrade across Africa and the Caribbean, is scheduled for January 30, 2026.

January 28, 2026

CARICOM Private Sector Organisations Reaffirm Commitment to CSME and Regional Integration

By Afiya Raynews, Press Release, pressrelease, TradeNo Comments

Bridgetown, Barbados, December 23, 2025-

In October 2020, the CARICOM Private Sector Organization (CPSO) became an “Associate”
institution of the Caribbean Community (CARICOM) and has since worked with fellow private sector
companies and business organisations to advance projects and representations to pursue the noble
objectives of the CARICOM Single Market and Economy (CSME).

The CPSO and fellow private sector organisations in the Region reaffirm that the CSME has delivered
tangible benefits to firms and workers throughout the Region, supporting significant intra-regional
trade, strengthening regional supply chains, and contributing meaningfully to foreign-exchange
earnings and economic activity in Member States, including Trinidad and Tobago.

From the 1989 Declaration of Grand Anse which initiated the process towards the CSME, to the signing
of the Revised Treaty of Chaguaramas in 2001, which established the CSME and the launch of the CSME
in 2006, the vision of CARICOM leaders to create a common market which would provide greater
economies of scale to regional business and more opportunities for CARICOM citizens to thrive
remains a relevant aspiration for our Countries.

The CARICOM private sector places great value on the benefits derived both from intra-CARICOM
trade and from the Community’s strong trading relationships beyond the Region, including with the
United States – the largest collective external trading partner for CARICOM. From a private-sector
standpoint, these relationships are not in competition, they are complementary, reinforcing economic
resilience and diversification.

At a time of global economic uncertainty, the private sector depends on confidence, stability, and
constructive engagement among Member States. In these times, the phrase “stronger together” is
particularly relevant. CARICOM continues to serve as the forum for leaders, governments, institutions
and the people of our Community to join hands and stand shoulder to shoulder in solidarity to
transform vulnerabilities into assets by building resilience and strategically integrating into the global
economy.

We are joined by private sector organisations from across the Region in recognizing that we all have a
role to play in improving the CSME such that it may work better for the benefits of all Member States
and their citizens. In a world of increasing isolation, we recognise that CARICOM and the CSME
vision are critical for our joint sustainability. We acknowledge the collaborative and inclusive
framework afforded to the regional private sector by the CARICOM Heads in pursuit of the full
implementation of the CSME. We in the private sector across the Region are committed to working
together with our governments and other Stakeholders in CARICOM to achieve this vision.

We take this opportunity to thank our CARICOM Heads of Government, the CARICOM Secretariat, and
national and regional Business Support Organisations (BSOs) for the part they have played in
working diligently and in harmony in pursuit of the full implementation of the CSME.

As the holiday season approaches, we extend goodwill to all our fellow CARICOM citizens and look
forward to continuing dialogue and respectful engagement as we collectively pursue the advancement
and security of our Region together.

Signed By:
CARICOM Private Sector Organization
Private Sector Organisation of Trinidad & Tobago
Private Sector Organisation of Jamaica
Barbados Private Sector Association
Private Sector Commission of Guyana
OECS Business Council
Suriname Chamber of Commerce and Industry (Kamer van Koophandel en Fabrieken)
Belize Chamber of Commerce and Industry

December 24, 2025