Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week, aimed at promoting trade and investment among member states while improving the economic resilience of smaller and more vulnerable nations.
The event, hosted by UK Foreign Secretary David Lammy, saw the participation of notable leaders, including Prime Minister Sitiveni Rabuka, as well as foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening address, Commonwealth Secretary-General Patricia Scotland underscored the significance of collaborative efforts within the Commonwealth to shape 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 thank the United Kingdom and Malaysia for co-chairing this initiative as we strive to ensure all member countries, especially the smallest and most vulnerable, can attract the necessary funding to transform their economies and build resilience to future shocks.”
The plan is a continuation of discussions held during the 2023 Commonwealth Trade Ministers Meeting and seeks to tackle key challenges facing many Commonwealth nations, particularly developing and small states, in obtaining sufficient investment to achieve the Sustainable Development Goals (SDGs) by 2030.
Scotland noted that the urgency of these efforts is amplified by widening infrastructure gaps, climate challenges, and increasing inequality. She also pointed to the findings of the 2024 Commonwealth Trade Review, which revealed notable advancements in trade and investment between Commonwealth nations in the aftermath of COVID-19, with trade reaching US$854 billion in 2022.
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