Commonwealth countries will meet in London to discuss trade & investment on Oct. 10

October 5, 2019: Senior trade officials from 53 Commonwealth countries will participate in discussions from October 7-9 in London, followed by the Commonwealth Trade Ministers Meeting which will take place on October 10.

The United Kingdom will chair the meeting, which will have on its agenda topics like strengthening multilateral trade, fighting protectionism, and progressing efforts to achieve $2 trillion worth of trade within the Commonwealth by 2030.

“Our Commonwealth approach recognises that all are able to give, and all are able to gain: by coming together in our rich economic, cultural and geographical diversity we learn much from one another and are able to accelerate inclusive and more sustainable progress for all. Amid global uncertainties, the Commonwealth remains a champion for transparent, inclusive, fair, and open rules-based trade," said Commonwealth secretary-general Patricia Scotland.

Calling the meeting a "tremendously valuable opportunity", Scotland insisted that action needs to be taken collectively and individually.

The outcomes of the meeting will shape trade-related discussions at the next Commonwealth Heads of Government Meeting (CHOGM) scheduled for June 2020 in Kigali, Rwanda.

Elizabeth Truss, the UK secretary of state for international trade said, “The 53 member states in the Commonwealth boast a combined population of over 2.4 billion people and intra-Commonwealth trade is projected to reach $700 billion by next year. The global outlook on trade is changing rapidly and we face the ever-present challenge of a rise in protectionist tendencies. Together, the Commonwealth member countries can help to fight against protectionism and promote a transparent, inclusive, fair and open rules-based multilateral trading system."

“Next week’s trade ministers meeting in London will help build on the progress made at the Commonwealth Heads of Government Meeting last year, as we seek to take advantage of new opportunities with some of our oldest friends,” added Truss.

Ministers will also reflect on how to make trade more inclusive and sustainable, by engaging more women and youth at all levels, as well as developing the blue and green economy. They will review the progress made under the Commonwealth Connectivity Agenda – an initiative launched by heads of government last year to support economic growth, job creation, and the sharing of best practices and learning among members. This includes moves to harness the digital revolution in Commonwealth economies, and create an enabling environment for the private sector to tap into global trade, especially micro, small and medium enterprises.

The secretary-general added, “The depth and breadth of Commonwealth connection offer immense opportunities, and there is huge as-yet untapped potential. Rapid growth of population and per capita income, particularly in our developing country members in Asia, seems set to continue for some considerable time. We see intra-Commonwealth trade expanding too, and by working together we can agree and implement policy options so that within the next decade it reaches the $2 trillion goal set by our heads of government at CHOGM 2018.