Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week, aiming to enhance trade and investment among member states while increasing the economic resilience of small and vulnerable nations.
The event, hosted by UK Foreign Secretary David Lammy, saw participation from prominent leaders including Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening remarks, Commonwealth Secretary-General Patricia Scotland highlighted the significance of collaboration within the Commonwealth in shaping future investments. She stated, “The Commonwealth Investment Action Plan fulfills the mandate given by our Trade Ministers to mobilize investment where it is most urgently needed. We are thankful to the United Kingdom and Malaysia for co-chairing this initiative, as we aim to ensure all member countries, particularly the smallest and most vulnerable, attract the essential finance to transform their economies and enhance resilience against future shocks.”
The Commonwealth Investment Action Plan is based on discussions from the 2023 Commonwealth Trade Ministers Meeting. Scotland noted that it addresses the critical challenges faced by many Commonwealth countries, especially developing nations and small states, in securing the investments needed to achieve the Sustainable Development Goals (SDGs) by 2030.
“This urgency is heightened by widening infrastructure gaps, climate challenges, and rising inequality,” she added.
The Secretary-General also referenced findings from the 2024 Commonwealth Trade Review, which showed considerable growth in intra-Commonwealth trade and investment post-COVID-19, with trade among Commonwealth nations reaching $854 billion in 2022.
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