Commonwealth leaders introduced the Commonwealth Investment Action Plan during a conference in Samoa this week. The initiative is designed to enhance trade and investment among Commonwealth nations while strengthening the economic stability of smaller and more vulnerable countries.
The event, hosted by UK Foreign Secretary David Lammy, included prominent attendees such as Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening speech, Commonwealth Secretary-General Patricia Scotland stressed the significance of collaboration within the Commonwealth to influence the future of 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 Commonwealth Investment Action Plan builds upon discussions from the 2023 Commonwealth Trade Ministers Meeting. Scotland noted that it addresses critical challenges faced by many Commonwealth nations, especially developing and small states, in securing essential investment to achieve the Sustainable Development Goals (SDGs) by 2030.
She emphasized the urgency of the situation, citing widening infrastructure gaps, climate challenges, and increasing inequality. Additionally, the Secretary-General referenced findings from the 2024 Commonwealth Trade Review, indicating notable advancements in intra-Commonwealth trade and investment following the COVID-19 pandemic, with trade between Commonwealth countries reaching $854 billion in 2022.
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