Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week, aimed at enhancing trade and investment among member countries while strengthening the economic resilience of small and vulnerable nations.
The event was hosted by UK Foreign Secretary David Lammy and featured key figures such as Prime Minister Sitiveni Rabuka, along with foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
In her opening comments, Commonwealth Secretary-General Patricia Scotland stressed the significance of collaboration within the Commonwealth in shaping future investment strategies. She stated, “The Commonwealth Investment Action Plan fulfills the mandate from our Trade Ministers to mobilize investment where it is most urgently needed. We express our gratitude to the United Kingdom and Malaysia for co-chairing this effort, as we strive to ensure that all member countries, especially the smallest and most vulnerable, can attract the necessary finances to transform their economies and build resilience against future shocks.”
This new investment plan builds upon discussions held during the 2023 Commonwealth Trade Ministers Meeting. Scotland pointed out that the plan addresses significant challenges faced by many Commonwealth nations, particularly developing and small states, in securing the investment needed to achieve the Sustainable Development Goals (SDGs) by 2030.
“The urgency of this initiative is particularly heightened by growing infrastructure gaps, climate challenges, and increasing inequality,” she added.
The Secretary-General also noted findings from the 2024 Commonwealth Trade Review, which revealed substantial progress in intra-Commonwealth trade and investment following the COVID-19 pandemic, with trade among Commonwealth nations reaching US$854 billion in 2022.
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