Our Shared, Prosperous Future: An agenda for values-led trade, inclusive growth and sustainable jobs for the Commonwealth

Our Shared, Prosperous Future: An agenda for values-led trade, inclusive growth and sustainable jobs for the Commonwealth

An Inquiry Committee of distinguished experts has today published its Final Report examining the potential of the Commonwealth family of 53 nations to help its poorest countries and citizens to trade out of poverty, in line with the values of the Commonwealth Charter and the Sustainable Development Goals.

The Inquiry Committee –– co-chaired by Lord Jeremy Purvis of the UK and Hon. Okechukwu Enelamah, Minister for Industry, Trade and Investment of Nigeria –– was established by the All-Party Parliamentary Group for Trade Out of Poverty and the UK Overseas Development Institute in September last year.

The central message of the Report is to call on Commonwealth leaders to establish a road-map for a major new Commonwealth work programme on trade and investment for inclusive development at the CHOGM 2018 summit in London later this month. The Report highlights some of the big opportunities for learning and economic co-operation between Commonwealth members, who include some of the world’s largest and richest nations as well as some of the smallest and poorest.

The Inquiry Report, Our Shared Prosperous Future: an agenda for values-led trade, inclusive growth and sustainable jobs for the Commonwealth, states that:

1. With 445 million of its citizens living in extreme poverty, there is a compelling case for the Commonwealth to do much more to promote shared prosperity and inclusive economic development.

i. 1 in 5 Commonwealth citizens live on less than $2 per day, twice the global average

    ii. 31 of the 53 Commonwealth members are Developing Countries

    iii. Extreme poverty is most widespread in Commonwealth Africa and South Asia

         iv. 60% of the Commonwealth population is under 30 years old

2. The surest, most sustainable way to lift millions of people out of poverty across the Commonwealth is through boosting trade and investment, leveraging the group’s natural strengths and assets.

i. Combined Commonwealth GDP will double by 2030 reaching $20tn

     ii. Intra-Commonwealth trade could grow from $525bn in 2015 to $3.86tn in 2030

    iii. Developing countries’ exports in the Commonwealth have trebled since 2005

         iv. Trade costs between Commonwealth countries are on average 19% lower

3. At the CHOGM 2018 Summit, Commonwealth leaders should grasp the opportunity and agree a major new focus on trade and investment for inclusive development, delivering in five priority areas:

i. Slashing the costs and risks of trade and investment

    ii. Boosting trade in services through regulatory co-operation

    iii. Making trade more inclusive for women, young people and SMEs

    iv. Addressing the special needs of small and vulnerable states

    v. Strengthening partnerships: Government, Business, Diaspora and Civil Society