London, United Kingdom (CU)_ British prime minister Boris Johnson has praised the benefits of current relationships between Commonwealth nations and highlighted that intra-community trade is likely to increase by 50 percent to $19.5 trillion over the next five years. He stated this at the conclusion of the three-day Commonwealth Business Forum.
The PM said, “We’ve all come out of the misery of the Covid-19 lockdowns and look at what is going on in the world today – unfortunately we still see economic pressures and we’re seeing spikes in the cost of energy, spikes in the cost of food, and of fertilizer”. He added, “But what if there was a miracle fertilizer, a fertilizer of business, that grew your business, that expanded your profits and cut your costs, by 21%? There is such a fertilizer, and I’ll tell you the ingredients. That fertilizer knocks 21% off the cost of trade between Commonwealth members. That’s 21 percent bigger profits if you do deals between the Commonwealth.”
It is anticipated that the Commonwealth’s overall GDP would increase by about 50 percent during the next five years, reaching $19.5 trillion. He said, “These are the markets, super fertilized markets that will power growth and prosperity and create jobs in our countries, and at the same time help to ease those pressures that we all face on the cost of living. So, we are going ahead, and in the UK we’re striking free trade agreements across the Commonwealth”. Johnson also lauded the launch of the African Continental Free Trade Area and described it as a wonderful thing. He said, “Over 1.3 billion people, promising to lift 30 million out of extreme poverty and generate $450 billion for African nations, which, by the way, is far more than Africa could ever receive in development aid.”
At the conclusion of the Business Forum, Prime Minister Edouard Ngirente appreciated the envoys for providing a unique value to the business community of the Commonwealth by making unambiguous pledges. He said, “You engaged in vibrant dialogues and offered practical solutions to the biggest global challenges of today. I sense the energy to deliver on the unique value of this forum and move from discussions to actions”.
The Business Forum gathered government leaders, heads of industry and business executives, heads of global and regional development institutions, young business people, and trade and investment group members from throughout the Commonwealth. It gathered more than a thousand envoys and attendees, who discussed future growth funding, trade and regional integration, and the future of labor. A number of prominent leaders, including President Paul Kagame, the Prime Minister of Barbados, and FIFA President Gianni Infantino, also spoke at the summit.