Commonwealth economy to overtake EU

THE Queen is throwing open the doors of Buckingham Palace and Windsor Castle to Commonwealth leaders as the UK looks to forge new trade relations ahead of Brexit.

Prime ministers and presidents from more than 50 countries will gather at the royal residences during a summit next year.

It will be the first time the buildings have been included in the venues for the Commonwealth Heads of Government Meeting. The decision was made after discussions between No 10 and the Palace.

The announcement came as Boris Johnson highlighted that the Commonwealth’s economy will soon be larger than the EU’s.

The Foreign Secretary said it illustrated the importance of getting good trade deals with the Commonwealth. He told ITV’s Peston on Sunday: ‘It is a stunning fact that when the UK joined the Common Market back in 1973, the 28 countries then had about 38 per cent of global GDP.

‘The Commonwealth then was about a quarter of that. The EU and the Commonwealth in GDP, in output terms are now roughly level-pegging and the Commonwealth is growing far faster.

‘Now, of course the EU is massively important for us and will continue to be colossally important for our trade and our investment. But we now have the opportunity to do deals with the Commonwealth.’

Theresa May said: ‘The UK has a longstanding and firm commitment to the Commonwealth and to the values it upholds, of democracy, human rights and the rule of law.

‘And in hosting the Commonwealth summit next year, the UK is committed to working with all members not only to reaffirm these shared values, but also to re-energise and revitalise the Commonwealth to cement its relevance to this and future generations.

‘As we look to create a truly global Britain, the deep partnerships that we share through a 21st-century Commonwealth can help us strengthen the prosperity and security of our own citizens, and those of our many friends and allies across the world.’

A new ministerial group co-chaired by Mr Johnson and Home Secretary Amber Rudd has been set up to prepare for the summit.

A team headed by Tim Hitchens, former ambassador to Japan and ex-assistant private secretary to the Queen, in the Cabinet Office will liaise with other countries.

The 52-country network of the Commonwealth, which has a population of 2.4billion, is viewed as crucial to Britain’s future trading success once ties with Brussels are severed. Trade across the Commonwealth – including emerging markets such as India – is projected to be worth $1trillion by 2020.