Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week. The initiative aims to enhance trade and investment among Commonwealth nations while strengthening the economic resilience of small and vulnerable countries.
The event was hosted by UK Foreign Secretary David Lammy and included participation from notable leaders, 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 stressed the significance of collaboration among Commonwealth members in shaping future investments. 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 finance necessary to transform their economies and withstand future challenges.”
The investment plan builds on discussions from the 2023 Commonwealth Trade Ministers Meeting and targets the challenges faced by many Commonwealth nations, especially developing and small states, in obtaining the investments needed to achieve the Sustainable Development Goals (SDGs) by 2030.
Scotland emphasized the urgency of the initiative in light of the increasing infrastructure deficits, climate challenges, and growing inequality.
She also referenced findings from the 2024 Commonwealth Trade Review, which indicated notable advancements in intra-Commonwealth trade and investment after COVID-19, with trade among Commonwealth nations reaching $854 billion in 2022.
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