Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week, aiming to strengthen trade and investment among member states while improving the economic resilience of small and vulnerable nations.
The event, hosted by UK Foreign Secretary David Lammy, included prominent leaders such as Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening remarks, Commonwealth Secretary-General Patricia Scotland stressed the importance of collaboration within the Commonwealth to enhance investment opportunities. She stated, “The Commonwealth Investment Action Plan is a fulfillment of the mandate given by our Trade Ministers to mobilize 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.”
The plan builds upon discussions from the 2023 Commonwealth Trade Ministers Meeting and addresses the significant challenges faced by many Commonwealth countries, especially smaller and developing states, in accessing the investments required to meet the Sustainable Development Goals (SDGs) by 2030. Scotland emphasized that this initiative is critical given the increasing infrastructure gaps, climate issues, and rising inequality.
Additionally, the Secretary-General highlighted findings from the 2024 Commonwealth Trade Review, which indicated notable progress in intra-Commonwealth trade and investment following the COVID-19 pandemic, with trade among Commonwealth nations reaching $854 billion in 2022.
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