Commonwealth ministers commit to boosting trade

Commonwealth trade ministers agreed to deepen economic ties at the end of a two-day summit in London.

Ministers and representatives from over 35 countries attended the meeting, that was jointly convened by the Commonwealth Secretariat and the Commonwealth Enterprise and Investment Council.

“On trade, our family as never been more needed than it is today,” Commonwealth secretary general Patricia Scotland said. “We all know that we’ve been living in troubled times and together we will have to look very carefully at what advantages there are within our family. Intra-Commonwealth trade has never been more important.

“There is a 19% trade advantage within the Commonwealth. We must see how the global trade landscape can be changed in favour of that advantage and the particular factors that drive and differentiate intra-Commonwealth trade and investment be improved.”

At the summit, ministers acknowledged that the UK’s impending departure from the EU provides opportunities for broader cooperation on trade and investment between Commonwealth countries.

“There is an opportunity for the Commonwealth to demonstrate global leadership on free and fair trade,” Lord Marland, chairman of the Commonwealth Enterprise and Investment Council, said. “Businesses want to see stability, transparency, predictability and the rule of law and the Commonwealth can work together to improve the ease of doing business in all member countries. This will allow companies, particularly small and medium enterprises, to have the confidence to trade and invest across the Commonwealth.”