LONDON, Oct 28:
The UK has unveiled a package of measures designed to boost intra-Commonwealth trade and investment, including a Commonwealth Investment Network and a hub in India to support female-led businesses.
At the conclusion of the Commonwealth Heads of Government Meeting (CHOGM) in Samoa last week, the Foreign, Commonwealth and Development Office (FCDO) in a statement on Sunday set out Britain’s vision to increase “shared prosperity” for the 56-member organisation made up of some of the world’s fastest-growing economies.
Prime Minister Keir Starmer and Foreign Secretary David Lammy attended the summit which concluded on Friday.
“UK announcements included funding for a Commonwealth Investment Network to encourage greater investment within small and climate-vulnerable Commonwealth countries, and support to establish hubs in India and Sri Lanka to support female-led businesses,” the FCDO said.
The UK has also indicated plans to increase its military and economic presence in the Indo-Pacific to support regional stability, including proposals for increased navy patrols to boost maritime security, combat illegal fishing and respond to natural disasters in the region.
“My visit to the Pacific this week has only reinforced how important this part of the world is to the United Kingdom’s prosperity and security, and I know across business, trade and defence we play a vital role in supporting the region too,” Starmer said in a statement.
“As responsible international players, we cannot turn a blind eye to the challenges faced by our friends and partners on the other side of the world, so my message today is clear: this is just the beginning of our commitment to the Indo-Pacific,” he said.
With a focus on empowering young people with access to education and skills, supporting democratic governance, human rights and the rule of law and helping protect vulnerable countries from the impacts of climate change, the UK’s package of measures also includes additional funding for technical support from trade advisers to help small and vulnerable Commonwealth member states negotiate within the World Trade Organisation (WTO).
A new scheme to train tax advisors to help developing Commonwealth economies boost their domestic tax revenue, support for Powering Renewable Energy Opportunities in six Pacific Island Countries, testing the application of clean energy technologies, and a new commitment to promote food security, climate resilience and economic growth in the Caribbean through the Inter-American Development Bank’s new One Caribbean fund are among some of the other measures.
Funding for a Commonwealth programme supporting countries to ratify the United Nations Agreement on the conservation and sustainable use of marine biological diversity in areas beyond national jurisdiction (BBNJ) and increased UK support for the Commonwealth’s work to support democratic governance and the rule of law, which includes the deployment of election monitoring missions in Commonwealth countries, have also been finalised.
Meanwhile, in a joint communique issued by Commonwealth leaders at the end of the summit, it was agreed that the “time has come” for a conversation about reparations for the slave trade and holding “inclusive conversations” to address the wrongs of the past. (PTI)
Follow our WhatsApp channel
