Commonwealth trade to hit $700bn in 2020

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The UK Secretary of State for International Trade, Elizabeth Truss has 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 $700bn by 2020.

She stated this in statement made available to our correspondent by the Commonwealth.

The statement quoted her to have said, “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.”

Exploring strategies
In the statement, the Commonwealth announced that trade ministers and senior officials from 53 Commonwealth countries will gather in London to explore strategies for deepening trade and investment, while supporting a transparent, inclusive, fair, and open rules-based global trading system.

The body said the trade ministers’ meeting would take place on October 10.

It added that the meeting would be held after three days of discussions among senior trade officials from October 7 to October 9.

According to the statement, “Chaired by the United Kingdom, the focus will be on strengthening multilateral trade, fighting protectionism and progressing efforts to achieve $2tn worth of trade within the Commonwealth by 2030.”

It quoted the Secretary-General Patricia Scotland as saying, “Our Commonwealth approach recognises that all are able to give and all are able to gain.”

“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,” the statement said.

 

Sammie Idika