Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week. The initiative aims to enhance trade and investment among Commonwealth member nations while bolstering the economic resilience of small and vulnerable states.
The event, hosted by UK Foreign Secretary David Lammy, saw participation from prominent leaders, including Prime Minister Sitiveni Rabuka, alongside foreign ministers from countries such as Australia, Jamaica, Rwanda, Singapore, and Zambia.
Commonwealth Secretary-General Patricia Scotland, in her opening remarks, underscored the critical nature of Commonwealth collaboration in directing future investment. She stated, “The Commonwealth Investment Action Plan is a fulfilment of the mandate given by our Trade Ministers to mobilise investment where it is most urgently needed. We are grateful to the United Kingdom and Malaysia for co-chairing this effort, as we seek to ensure all member countries, particularly the smallest and most vulnerable, attract the necessary finance to transform their economies and build resilience to future shocks.”
The plan builds on discussions from the 2023 Commonwealth Trade Ministers Meeting, addressing key challenges that many member nations, especially developing and small states, encounter in securing necessary investment to meet the Sustainable Development Goals (SDGs) by 2030.
Scotland highlighted the urgency of the initiative, citing existing infrastructure gaps, climate challenges, and rising inequality. She also referred to findings from the 2024 Commonwealth Trade Review, which indicated notable progress in intra-Commonwealth trade and investment following the COVID-19 pandemic, with trade between Commonwealth nations reaching $854 billion in 2022.
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