2022 Evidence Session 1: Commonwealth Trade & Investment

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Cutting trade costs, tackling the trade finance gap, boosting SME growth in the Commonwealth

On behalf of the All-Party Parliamentary Group (APPG) for Trade and Export Promotion Chair, Gary Sambrook MP for Birmingham Northfield, and Co-Chair, Lord Waverley, we are delighted to announce our first evidence session ahead of our first report of 2022 on 'Cutting trade costs, tackling the trade finance gap, boosting SME growth in the Commonwealth'.

This evidence session is purposely scheduled ahead of both the Commonwealth Heads of Government Meeting (CHOGM) in Rwanda, June 2022, and the Commonwealth Games in the United Kingdom, July 2022.

Overview

Leaders committed themselves to the vision of increasing intra-Commonwealth trade to US$2 Trillion by 2030, and expanding intra-Commonwealth investment.

Trade flows increase when there is a transparent and cooperative regulatory framework. While much of the Commonwealth shares a common legal framework, there remains significant variation in the regulatory quality and coherence across the members which can persistently block trade flows.

ICC and Commonwealth studies have illustrated the economic benefits of aligning legal frameworks to the UNCITRAL Model Law on Electronic Transferrable Records – 80% cut in trade costs, trillions in additional SME exports and growth, 50% cut in the trade finance gap, cuts in border compliance processing times from 25 to 1 day

The largest beneficiaries will be SMEs in emerging economies where trade costs are typically highest. For governments under fiscal pressure from Covid, this presents a unique, low cost opportunity to realise significant economic gain.

Evidence Session 

Chair: Lord Risby

Keynote: Minister for the Commonwealth

Panel:

  1. Commonwealth Secretariat
  2. Chair of CHOGM
  3. Chair of Commonwealth Regulatory Connectivity Cluster
  4. Chair of Commonwealth Digital Connectivity Cluster
  5. Chair of Commonwealth B2B Connectivity Cluster 

Registration details will follow.