Strengthening the Commonwealth Advantage: Trade, Technology, Governance

111 Pages·2017·1.32 MB·English

by  Commonwealth Secretariat

C Commonwealth Trade Review 2018
O
M
M
O
N Strengthening the
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E
A
Deepening intra-Commonwealth trade and Part 1 - Commonwealth trade and investment LT
H
investment – and using these opportunities trends Commonwealth Advantage
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to empower women and young people as A
Part 2 - The Commonwealth in multilateral and D
entrepreneurs – can help drive economic E
regional trade R
growth, create jobs and increase the prosperity E
V
of Commonwealth citizens. The theme Part 3 - Harnessing digitisation for IE Trade, Technology, Governance
W
of Commonwealth Trade Review 2018 is Commonwealth trade, investment and 2
0
‘Strengthening the Commonwealth Advantage: prosperity 18
Trade, Technology, Governance’. This edition
Part 4 - Deepening the Commonwealth
presents new empirical findings, rich insights
advantage through 21st-century trade
and practical recommendations on how to boost
governance
the ‘Commonwealth advantage’ in trade and
investment.
Strengthening the Commonwealth Advantage
Trade • Technology • Governance
Commonwealth Trade Review 2018
Commonwealth Secretariat
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© Commonwealth Secretariat 2018
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ISBN (paperback): 978-1-84929-180-4
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Introduction
The Commonwealth is an association of 53 independent countries, comprising
large and small, developed and developing, landlocked and island economies.
As the main intergovernmental body of the association, the Commonwealth
Secretariat works with member governments to deliver on priorities agreed by
Commonwealth Heads of Government and promotes international consensus
building. It provides technical assistance and advisory services to members,
helping governments achieve sustainable, inclusive and equitable development.
The Secretariat’s work programme encompasses areas such as democracy, rule
of law, human rights, governance and social and economic development.
Foreword
Foreword \ v
Profound changes are taking place The theme for this year’s This publication is the product of
in the global trade landscape, Commonwealth Heads of Government drawing together an impressive range
including the technologies and Meeting is ‘Towards a Common of inputs and expertise on international
governance frameworks that Future’. This review demonstrates trade policy issues from throughout
underpin and support contemporary that economic and governance ties the Commonwealth. Our ambition
trade in goods, services and the in the Commonwealth, interwoven through collective Commonwealth
digital economy. This dynamic as they are, provide ready and action is for our most capacity-
environment presents challenges, robust foundation fabric from constrained members, namely the
and also enormous opportunities which collectively as a family of least developed countries, small states
to expand and deepen trade, nations we can tailor a future that and sub-Saharan African countries,
investment and innovation among is fairer, more sustainable, more to share with more economically
the 53 member countries of our prosperous and more secure. developed nations in the prosperity
growing Commonwealth family. and other fruits yielded by more open
Trade and investment flows among
and inclusive trade and investment.
Strengthening the Commonwealth our members are strong and continue
Advantage: Trade, Technology, to grow. Despite the unexpected When the leaders of our member
Governance has been prepared ahead contraction in world trade since our 2015 countries gather in London for the 2018
of the Commonwealth Heads of Trade Review, intra-Commonwealth Commonwealth Heads of Government
Government Meeting in April. Building trade in goods and services, and Meeting, with representatives of
on the 2015 Commonwealth Trade productive ‘greenfield’ investment, business and commerce alongside,
Review, this second review presents is growing fast and projected to we can expect to see significant new
new empirical findings, rich insights exceed US$1 trillion by 2020. impetus added to driving forward the
and practical recommendations on many opportunities for trade and
Increasing use of new digital
how to boost the ‘Commonwealth investment analysed in this review. By
technologies, including greater
advantage’ in trade and investment. seizing these opportunities, we will
digitisation, is already transforming
collectively be better placed to deepen
Deepening intra-Commonwealth trade-led sustainable development
and make more of our Commonwealth
trade and investment – and using these prospects for many of our poorest
advantage for more inclusive prosperity –
opportunities to empower women members. When combined with the
building together in ways that are fairer,
and young entrepreneurs – can help impact of many shared inheritances,
more secure and more sustainable
drive economic growth, create jobs including the Common Law that
towards our common future.
and increase the prosperity of our provides the basis for international
citizens. These factors combine towards law, there is a Commonwealth
The Right Hon Patricia Scotland QC
success in achieving the internationally effect and advantage that yields
agreed goals of the 2030 Agenda multiple tangible commercial Secretary-General of the
for Sustainable Development. benefits for traders and investors. Commonwealth
Acknowledgements
Acknowledgements \ vii
The 2018 Commonwealth Trade Review MacGregor and Badri Narayanan. of Civil and Criminal Justice Reform,
was prepared by a team comprising Jane Kennan and Richard Itaman especially Steven Malby, Matthew
Brendan Vickers (team leader), Jodie undertook extensive data analysis for Moorhead and Richard Briggs.
Keane and Kirthika Selvakumar under the this publication.
The Commonwealth Secretariat is
supervision of Teddy Y. Soobramanien,
Valuable comments on a draft version extremely grateful to UNCTAD for their
Acting Head of International Trade
of the report were received from sharing of data on e-commerce and
Policy Section, who also contributed
experts attending a peer review investment in the Commonwealth.
to the drafting of the report. Cyrus
meeting in London on 15 February 2018.
Rustomjee was chief consultant on The production of this report was
the project, reviewing the initial drafts The external peer reviewers of this managed by Victoria Holdsworth
and helping revise various sections. publication were Mohammad A. and Christina Woollatt. Rita
Razzaque and Christopher Stevens. Broni and Pauline Campbell,
The team are grateful for the
Comments, contributions and helpful and especially Shaneez Hassan,
support of Paulo Kautoke, Director
inputs were also received from Salamat provided excellent administrative
of Trade, Oceans and Natural
Ali, Philip De Pass, Steven Fevrier, support for the project.
Resources Directorate at the
Sunday Oghayei, Angela Strachan and
Commonwealth Secretariat. The cover, infographics and charts
Collin Zhuawu.
were done by Earth Consulting.
This publication benefited from
substantive background papers This report also benefited from inputs Financial support from the
prepared by Sangeeta Khorana and by colleagues in the Commonwealth Government of the United Kingdom
Inmaculada Martínez-Zarzoso, James Secretariat’s Office is gratefully acknowledged.
Contents
Contents \ ix
Introduction iii
Foreword iv
Acknowledgements vi
List of figures xi
List of tables xii
List of boxes xiii
Acronyms and abbreviations xiv
Overview xvi
Executive summary xviii
Key findings and way forward xx
Part 1: Commonwealth trade and investment trends 2
1.1 Introduction 3
1.2 The state of Commonwealth countries’ trade with
the world 4
1.3 The state of intra-Commonwealth trade 10
1.4 Prospects for intra-Commonwealth trade 11
1.5 Trends in intra-Commonwealth investment 14
1.6 Conclusion and way forward 19
Annex 20
Endnotes 21
Part 2: The Commonwealth in multilateral and regional trade 22
2.1 Introduction 25
2.2 The Commonwealth and trade multilateralism 26
2.3 The Commonwealth and resisting protectionism 28
2.4 The Commonwealth and an enabling global trading
environment 29
2.5 The future of the multilateral trading system 29
2.6 Commonwealth members in regional trade and
integration initiatives 31
2.7 Conclusion and way forward 36
Endnotes 37
Part 3: Harnessing digitisation for Commonwealth trade,
investment and p rosperity 38
3.1 Introduction 41
3.2 Disruptive technologies, trade and jobs 42