One of the key outcomes of the meeting was to mandate that the Commonwealth Working Group on Trade and Investment will focus on generating an investment plan of action, with the goal of increasing investment flows among Commonwealth member countries.
Trade Ministers from the
Commonwealth haveexpressed concerns
about protectionist measures and unfair trading practices that threaten the
rules-based trading system.
The Ministers who on Tuesday concluded
2023 the Commonwealth Trade Ministers Meeting at Marlborough
House in London
called for reform of the multilateral trading rules for agriculture and the
smooth functioning of supply chains.
A statement from the secretariat
said they agreed that Rwanda as the Chair-in-Office would deliver an agreed
joint statement on behalf of Commonwealth Trade Ministers to the upcoming 13th
WTO Ministerial Conference in February 2024.
The outcome statement
also highlighted the importance of addressing global challenges such as climate
change, food security, and women's economic empowerment through trade and
investment.
They
urged members to conclude negotiations on outstanding issues from Ministerial
decisions in relation to the desire to ratify and
implement
the Agreement on Fisheries Subsidies, including with the support of the
Fisheries Funding Mechanism.
The Trade Ministers
expressed their commitment to promoting sustainable trade practices, green
economies, and the empowerment of women-owned businesses and a strong emphasis
on cooperation for resilient, inclusive, green and digital economies.
Building upon the
initiatives agreed upon by Commonwealth Heads of Government in Kigali, Rwanda,
in June 2022, the Trade Ministers exchanged views on the challenges facing the
global economy and highlighted the importance of building sustainable and
resilient economies for post-COVID recovery.
One of the key outcomes
of the meeting was to mandate that the CommonwealthWorking Group on Trade and
Investment will focus on generating an investment plan of
action, with the goal of increasing investment flows among Commonwealth member
countries.
This initiative aims to
support economic growth, particularly in infrastructure development and clean,
green investments.
Furthermore, the Trade
Ministers emphasised the need to foster a digital transition and facilitate
digital trade for inclusive growth and development. To address the digital
divide and skills gaps, Commonwealth members emphasised the need to focus on
developing digital public infrastructure, ensuring affordable access to digital
technologies, and promoting digital financial services.
Ministers agreed to the
establishment of a new Legal Reform and Digitalisation
Working Group under the
Commonwealth
Connectivity Agenda's Business-to-Business Cluster to assist member
countries in transitioning to paperless trade.
They affirmed their commitment to a transparent and inclusive rules-based
multilateral trading system, with the World Trade Organization (WTO) at its
core.
Speaking after the
meeting, the Commonwealth Secretary-General Rt
Hon Patricia Scotlandsaid
theCommonwealth is committed to
strengthening the multilateral trading system, deepening trade and investment,
fostering sustainability, and enabling a digital transition.
Members countries were urged to decide on an extension of the Trade-Related Intellectual
Property Rights (TRIPS) waiver to cover the production and supply of COVID-19
diagnostics and therapeutics.
The 2023 Commonwealth
Trade Ministers Meeting sets the stage for the upcoming Commonwealth Heads of
Government Meeting in Apia, Samoa, in 2024, where these issues will be further
discussed and reflected upon.
