Intra-Commonwealth trade to grow to $20 trillion in five years

British Prime Minister Boris Johnson has commended the benefits from existing ties between Commonwealth countries and pointed out that intra-trade within the community is expected to grow by 50% to $19.5 trillion in the next five years. He made the remarks at the closure of the commonwealth three-day Commonwealth Business Forum on Thursday June 23. “We’ve all come out of the misery of the Covid-19 lockdowns and look at what is going on in the world today - unfortunately we still see economic pressures and we’re seeing spikes in the cost of energy, spikes in the cost of food, and of fertilizer,” he said. He added that; “But what if there was a miracle fertiliser, a fertiliser of business, that grew your business, that expanded your profits and cut your costs, by 21%? There is such a fertiliser, and I’ll tell you the ingredients. That fertiliser knocks 21% off the cost of trade between Commonwealth members. That’s 21 percent bigger profits if you do deals between the Commonwealth.” Over the next five years, he said, the Commonwealth’s total GDP is forecast to rise by nearly 50 per cent to $19.5 trillion “These are the markets, super fertilised markets that will power growth and prosperity and create jobs in our countries, and at the same time help to ease those pressures that we all face on the cost of living. So, we are going ahead, and in the UK we’re striking free trade agreements across the Commonwealth,” he said. Johnson welcomed the establishment of the African Continental Free Trade Area, saying that it was a ‘wonderful thing’. “Over 1.3 billion people, promising to lift 30 million out of extreme poverty and generate $450 billion for African nations, which, by the way, is far more than Africa could ever receive in development aid.” At the closure of the Business Forum, Prime Minister Edouard Ngirente noted that delegates delivered the unique value to the Commonwealth business community through clear commitments made. “You engaged in vibrant dialogues and offered practical solutions to the biggest global challenges of today. I sense the energy to deliver on the unique value of this forum and move from discussions to actions,” he said. The Business Forum brought together government leaders, captains of industry and business executives, leaders of global and regional development institutions, young entrepreneurs and representatives of trade and investment organizations from across the Commonwealth. It drew over 1,000 delegates and participants explored topics such as financing future growth, trade and regional integration, and the future of work. The forum was also addressed by high profile personalities including President Paul Kagame, Prime Minister of Barbados FIFA president Gianni Infantino.

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Intra-Commonwealth trade to grow to $20 trillion in five years