A two-day Commonwealth trade summit concluded on Friday as Ministers from across the bloc committed to boosting intra-Commonwealth trade in the face of the growing clamour for protectionism globally. India, meanwhile, announced a summit on trade amongst Commonwealth SMEs (Small and medium-sized enterprises) in May.
The meeting of SMEs from across the Commonwealth, an initiative of the Commonwealth Secretariat, and the Ministry of Commerce, will take place in New Delhi, Commonwealth Secretary Rita A. Teotia told delegates at the summit.
The meeting, it is hoped, will provide an opportunity for policy makers and businesses to continue discussions on boosting trade in this area.
The two-day meeting involved round-table discussions that brought businesses and politicians from around 35 Commonwealth member states together in what was the first meeting of trade ministers from the Commonwealth in the past 12 years.
‘Important moment’
“This was an incredibly important moment for us with all regions across the Commonwealth being represented. There is huge agreement across the board between national states about what we need to do to advance economies…but also what we need to do to advance trade, which is globally at its lowest level since the Second World War,” said Baroness Scotland, Secretary General of the Commonwealth. “There is a huge opportunity because we represent about 2.4 billion people.”
One of the ideas being considered is that of a Commonwealth ambassador, who will be commissioned to identify tangible ways in which trade among Commonwealth nations could be promoted and raised to around $1 trillion.
The role would lie within the Commonwealth Enterprise and Investment Council, headed by Lord Marland, who also hopes that a “Commonwealth Accord” is achievable.
The accord is a standard of rules — based on the shared experiences, rules and regulations — that could be subscribed to, and which, Lord Marland added, would help SMEs looking to enter new markets.
The trade meeting has gained increased significance as the United Kingdom seeks to increase its trade links beyond the European Union, while India also looks at the Commonwealth with renewed focus.
