The UK Prime Minister will use the Commonwealth summit to boost
trade, economic growth and opportunities for the organisation’s
young people.
Already accounting for one fifth of global trade, with
intra-Commonwealth trade valued at $560billion and estimated to
rise to $700billion by 2020, the organisation holds vast
potential for future growth. New initiatives announced today will
help make this happen.
As Commonwealth partners, we have a lot to offer each other. And
at home there is a gain by tapping into new markets and new
talents.
Speaking ahead of the Heads of Government Meeting, the Prime
Minister will also call for the Commonwealth to be a beacon of
free and inclusive trade at a time of fragile growth and
continuing protectionism.
To help make the most of the Commonwealth’s potential, Prime
Minister will unveil new programmes to
free up trade, boost women’s participation in business and to
upskill young people whom make up two thirds of the
Commonwealth’s 2.4 billion citizens.
The new SheTrades programme will offer £7million in
Commonwealth-wide support to increasing the presence of
women-owned businesses to operate internationally from countries
where being female is a professional barrier.
Indeed, it has been estimated that if women played the same role
as men in labour markets, as much as $28 trillion could be added
to global GDP by 2025.
The UK will work with the International Trade Centre (ITC) to
deliver this, while also compiling the world’s first ‘Global
Outlook’ on trade and gender in the Commonwealth. This will
provide information needed to help Commonwealth countries
implement more inclusive trade policy.
UK Prime Minister said:
“Our Commonwealth family already accounts for one-fifth of
global trade, and we must continue to work together to build
further upon this solid foundation by building on our existing
trade links and establishing new ones.
“I firmly believe that regardless of which corner of the
Commonwealth you are from, we all will benefit from the jobs
created by doing so. Every one of those new jobs will mean
another family seeing their hard work rewarded, and the spread of
greater opportunity.
“The initiatives I have announced will see the Commonwealth
being better able to respond to its youth, rise to the challenges
they face and answer their ambitions for a better life. In taking
decisive action today, we have begun a positive change which will
echo through the generations.
“I am also proud that important action taken at this summit
will mean that more women will be able to overcome barriers which
keep them from participating in trade.”
The Prime Minister will also announce UK funding for a new
Commonwealth Standards Network which helps harness the benefits
of existing international standards. These will be a shared
language for trading partners across the globe to enhance trust
and create innovation.
This will boost intra-Commonwealth trade and support developing
countries to produce goods and services to internationally
recognised standards and access new markets. The effective use of
existing international standards will reduce trade costs between
members.
International common standards act as a common language that will
help the UK forge new, and deepen existing trading relationships
with our Commonwealth partners, which will bring benefit to both
businesses and consumers in the UK.
While this action will help, to truly tap into the Commonwealth’s
potential there needs to be dedicated programmes for its young.
The issue of youth unemployment has been raised as a key issue at
this year’s summit, which is why will announce action to help.
Boosting trade will in turn boost jobs; tackling the youth
unemployment which the Commonwealth knows is a real problem for
its youngest citizens. Of the organisation’s 2.4 billion
citizens, 60% are under 30.
And young people looking to move into the workplace will benefit
from a new £3.4million apprenticeship and training programme in
the Commonwealth, which will help promote and share best
practice across the Commonwealth.
Notes to editors
- Intra-Commonwealth
trade is currently worth $560billion and is estimated to rise to
$700billion by 2020, according to the 2018 Commonwealth Trade
Review
