Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week, which aims to stimulate trade and investment among member states while improving the economic resilience of small and vulnerable nations.
The initiative was hosted by UK Foreign Secretary David Lammy and included attendees such as Prime Minister Sitiveni Rabuka, along with foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening remarks, Commonwealth Secretary-General Patricia Scotland discussed the significance of collaboration within the Commonwealth for enhancing investment opportunities. She noted, “The Commonwealth Investment Action Plan fulfills the mandate from our Trade Ministers to mobilize investment where it is most needed. We appreciate the United Kingdom and Malaysia for co-chairing this initiative as we work to ensure all member nations, especially the smallest and most vulnerable, can secure the necessary funding to transform their economies and build resilience against future challenges.”
The plan builds upon discussions from the 2023 Commonwealth Trade Ministers Meeting and addresses critical challenges faced by many Commonwealth countries, especially developing and small nations, in attracting investment to fulfill the Sustainable Development Goals (SDGs) by 2030.
Scotland pointed out the urgency of the situation, citing increasing infrastructure gaps, climate challenges, and growing inequality. She also referenced findings from the 2024 Commonwealth Trade Review, which showed notable progress in intra-Commonwealth trade and investment since the COVID-19 pandemic, with trade among Commonwealth countries reaching $854 billion in 2022.
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