Commonwealth leaders announced the Commonwealth Investment Action Plan during a gathering in Samoa this week. This initiative aims to enhance trade and investment among Commonwealth member states while increasing the economic resilience of small and vulnerable nations.
The event, hosted by UK Foreign Secretary David Lammy, saw the participation of prominent figures including Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening address, Commonwealth Secretary-General Patricia Scotland underscored the significance of collaboration among Commonwealth nations in influencing investment’s future. 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 plan follows discussions held at the 2023 Commonwealth Trade Ministers Meeting and aims to tackle critical issues faced by many Commonwealth countries, especially developing and small states, in obtaining the investment required to achieve the Sustainable Development Goals (SDGs) by 2030.
Scotland pointed out the increasing urgency of addressing infrastructure deficits, climate challenges, and growing inequality. She also referred to insights from the 2024 Commonwealth Trade Review, which highlighted substantial advancements in intra-Commonwealth trade and investment following the COVID-19 pandemic, revealing that trade among Commonwealth nations reached US$854 billion in 2022.
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