Secretary-General Barnett was at the time addressing the 32nd Afreximbank Annual Meeting being held in Abuja, Nigeria. The theme of the meeting is ‘Progressive Unity in a Fractured World: Building a Global African Coalition for Development’.
“… geopolitical and geo-economic developments require careful handling. There needs to be positive alignment between economic and political interests, and redefinition of global partnerships into mechanisms that foster inclusive growth, sustainable development, and economic and climate resilience for developing countries. Building such resilience requires that Africa, like the Caribbean, retain access to affordable, long-term, concessional financing from multilateral development institutions. The Bridgetown Initiative version 3.0 provides a common platform for joint advocacy on the reform of the multilateral financial system, whose governance model continues to mirror outdated political alliances and economic constructs. More than anything else, this situation serves as a basis for common cause between Africa and the Caribbean,” the Secretary-General said.
While the current realignment of global geopolitical and geo-economic interests will continue to pose significant challenges, Barnett said it creates opportunities for Africa and the Caribbean to strengthen cooperation to achieve common development goals.
“As I noted during the first CARICOM-Africa Summit, hosted by Kenya and held virtually in September 2021, CARICOM is committed to strengthening this cooperation, and building a mutually beneficial and stable partnership. Opportunities exist in areas such as trade and investment promotion, development finance, climate change, reparatory justice, mass media, and increased people-to-people contact. Moreover, a strong and mutually beneficial partnership between Africa and the Caribbean, underscored by the principle of progressive unity, can become the springboard for broader South-South cooperation that leverages comparative advantages, thereby creating strong economic growth and development trajectories,” Dr. Barnett said.
