have lost as much as US$345 billion worth of trade in 2020. Indeed, intra-Commonwealth trade flows also slumped by $60 billion, reaching the lowest level in nearly a decade.
Commonwealth Secretary-General Patricia Scotland noted that the key message intended to be delivered through the publication is that as national economies set out on a voyage to build back better, trade can offer positive solutions and will be an essential tool in these efforts.
“…Commonwealth members can harness the ‘Commonwealth advantage’, and draw on the mutual support and benefits offered through the Commonwealth Connectivity Agenda, Commonwealth Blue Charter and other initiatives, to help boost their trade recovery in a more inclusive, resilient and sustainable manner,” she said in the report.
A reassuring finding highlighted in the Review is that despite the pandemic, Commonwealth trade cost advantage has remained strong and resilient, currently estimated at 21 per cent, while the investment advantage has almost tripled over the past five years, to around 27 per cent. In terms of sustainable development, as Commonwealth members aspire to greener paths for growth, the recent expansion in renewable energy has been hugely encouraging, particularly in achieving net zero carbon emissions by 2050.
Moreover, the global health crisis underlined how technology is in the heart of all aspects of our lives, from the rapid development of COVID-19 vaccines, to e-commerce and online delivery of many services. It is now apparent that over the coming years there will be an acceleration in the growth in digital economy and digital trade, as the greater reliance on digital technologies remain as an enduring factor.
Against such a background, 2021 Commonwealth Trade Review highlights…
