Commonwealth leaders introduced the Commonwealth Investment Action Plan during a recent meeting held in Samoa. This initiative seeks to enhance trade and investment among Commonwealth nations while strengthening the economic resilience of smaller and more vulnerable states.
The event, led by UK Foreign Secretary David Lammy, gathered prominent figures, including Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening remarks, Commonwealth Secretary-General Patricia Scotland underscored the significance of collaboration among Commonwealth nations in shaping the investment landscape. 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.”
This action plan is a continuation of discussions from the recent Commonwealth Trade Ministers Meeting. Scotland noted that it seeks to tackle the critical challenges faced by numerous Commonwealth countries, particularly developing and smaller states, in attracting the investments required to achieve the Sustainable Development Goals (SDGs) by the year 2030.
She emphasized the urgency of the situation, citing increasing infrastructure gaps, climate challenges, and rising inequality. Additionally, Scotland referenced findings from the 2024 Commonwealth Trade Review, which indicated notable growth in intra-Commonwealth trade and investment since the COVID-19 pandemic, with trade between Commonwealth nations reaching $854 billion in 2022.
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