Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week, aimed at enhancing trade and investment among member states while strengthening the economic resilience of small and vulnerable nations.
The event, hosted by UK Foreign Secretary David Lammy, was attended by prominent leaders including Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening address, Commonwealth Secretary-General Patricia Scotland stressed the significance of collaborative efforts among Commonwealth nations in shaping future investments. She stated, “The Commonwealth Investment Action Plan fulfills the directive from our Trade Ministers to mobilize investment where it is most urgently needed. We appreciate the United Kingdom and Malaysia for co-chairing this initiative as we work to ensure all member countries, especially the smallest and most vulnerable, can attract the necessary funds to transform their economies and enhance resilience to future challenges.”
The plan follows discussions from the 2023 Commonwealth Trade Ministers Meeting and aims to tackle the critical challenges many Commonwealth nations, particularly developing and small states, face in securing investments vital for achieving the Sustainable Development Goals (SDGs) by 2030.
Scotland noted the urgency of the situation, given the increasing infrastructure gaps, climate issues, and rising inequality. She also referred to insights from the 2024 Commonwealth Trade Review, which indicated that intra-Commonwealth trade and investment have significantly advanced post-COVID-19, with trade among member countries reaching US$854 billion in 2022.
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