Together we can consign poverty to history
In one generation, we have seen a billion people lifted out of poverty. That is almost one in eight of the world’s population, whose lives have been transformed by growing trade and industry, which has created jobs.
Trade is an essential tool in the delivery of the Global Goals aimed at ensuring a better future, and an end to reliance on aid.
We want nations to move from aid to trade and as part of our new development offer, we are building economies, breaking down the barriers to trade and unlocking investment for emerging markets.
The Commonwealth is a true melting pot of countries, cultures and communities.
It represents a third of the world’s population, and its majority are young people under 30. We have shared history, values and institutions – and we are working towards a shared future. It means the Commonwealth is more relevant today than ever before. And this is firmly in our interests too, with opportunities to forge new, and deepen existing trading relationships, which will bring benefit to both businesses and consumers in the UK.
Forty-four of our 52 Commonwealth partners benefit from development-friendly preferential access to the UK market. Our first priority is to deliver continuity as we leave the EU.
As part of this we want to transition our Economic Partnership Agreements. Covering 30 countries – 24 of which are Commonwealth members – these are trade agreements with a clear development focus.
But this is not the limit of our ambition. We will look to see how we can improve upon these trade arrangements for our mutual benefit.
The Commonwealth Heads of Government Meeting this week provides the opportunity. Today the Prime Minister will launch two programmes to boost trade within the Commonwealth.
Helping countries implement the World Trade Organisation’s landmark Trade Facilitation Agreement that could boost global trade by up to $1 trillion, and the Commonwealth Standards Network. These programmes will ease trade across borders, and help developing countries to sell to new markets, creating thousands of jobs.
Today marks the beginning of a new and ambitious Commonwealth approach to improving women’s access to jobs, business and trade opportunities, with the Uk-backed launch of the International Trade Centre’s (ITC) She Trades Commonwealth programme.
This week alone, up to £1.5billion worth of contracts will be signed between UK and Commonwealth countries.
This is good for our Commonwealth partners, but it’s good for British companies too.
The Commonwealth Heads of Government Meeting marks the beginning of a new approach to inclusive trade, development and prosperity – and one that consigns extreme poverty to the history books.