Commonwealth Targets USD 2 Trillion in Trade by 2030

The Commonwealth Trade Ministers Meeting (#CTMM) took place at Marlborough House in London on 5-6 June 2023. The objective is to discuss ways to boost trade within the Commonwealth up to USD 2 trillion by 2030.

Actually, Commonwealth SG Patricia Scotland kicked off the meeting by stating: “We are here because we share a common vision: to achieve USD 2 trillion in intra-Commonwealth trade by 2030.”

Commonwealth Trade Ministers Meeting 2023

In the past few years, the world has experienced upheavals due to COVID and Ukraine-Russia conflict leading to crippling debts, hyperinflation and high interest rates. Therefore, this edition of the Commonwealth Trade Ministers Meeting (#CTMM) focused on nurturing resilient, inclusive, green and digital economies.

The meeting took a resolution to task the Commonwealth Working Group on Trade and Investment to come up with an actionable plan to boost investment flows among Commonwealth member states. The initiative will focus on infrastructure and environmentally friendly projects. In support for #TradeFacilitation, Commonwealth Trade Ministers will promote digitalization, by providing trade and financial services over digital platforms.

Focus of CTMM 2023

To tackle the legal implications, a new Legal Reform and Digitalization Working Group will be set up. The WG will provide support to member states to transition to paperless trade.

Moreover, the CTMM emphasized the importance of cooperation to tackle global issues such as #ClimateChange, #FoodSecurity and #WomenEmpowerment while promoting trade and investment.

“I am delighted to announce the successful outcomes of the 2023 Commonwealth Trade Ministers Meeting. The Commonwealth remains steadfast in its commitment to fortifying the multilateral trading system, deepening trade and investment, fostering sustainability, and facilitating the transition to a digital era. I eagerly anticipate continued collaboration among our members as we strive for a brighter and more prosperous Commonwealth.”

Commonwealth SG Patricia Scotland

The CTMM 2023 designated Rwanda to present on behalf of the Commonwealth Trade Ministers a common statement at the forthcoming 13th WTO Ministerial Conference in February 2023. In addition, the CTMM 2023 paves the way for the Commonwealth Heads of Government Meeting (#CHOGM) in Apia, Samoa, scheduled for 2024.