Commonwealth leaders introduced the Commonwealth Investment Action Plan in Samoa this week. The initiative aims to enhance trade and investment among Commonwealth member states while strengthening the economic resilience of smaller and more vulnerable nations.
The event, hosted by UK Foreign Secretary David Lammy, saw participation from important figures, including Prime Minister Sitiveni Rabuka and foreign ministers from Australia, Jamaica, Rwanda, Singapore, and Zambia.
Commonwealth Secretary-General Patricia Scotland opened the session by underscoring the significance of collaboration within the Commonwealth in shaping the investment landscape. 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, secure the necessary funds to transform their economies and bolster resilience against future shocks.”
The Commonwealth Investment Action Plan builds on discussions held during the 2023 Commonwealth Trade Ministers Meeting. Scotland noted that the plan addresses critical challenges faced by many Commonwealth countries, particularly developing and small states, in attracting the investment needed to achieve the Sustainable Development Goals (SDGs) by 2030.
She emphasized the urgency of the situation, given the increasing infrastructure gaps, climate challenges, and rising inequality. Additionally, Scotland highlighted findings from the 2024 Commonwealth Trade Review, which indicated substantial 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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