« These EU trade agreements are essential to the development goals of these countries. (And) the UK will no longer be able to engage in their access to the EU market, as we have done in the past, » sir Simon Fraser, former head of the Uk Foreign Office, said recently. The United Kingdom has also signed a new trade continuation agreement with the Southern African Customs Union and Mozambique (SACUM). This trade continuity agreement will mean that UK businesses and consumers will continue to trade with SACUM after the UK`s withdrawal from the European Union. The 53 Commonwealth member states together have more than 2.4 billion people and intra-Commonwealth trade is expected to reach $700 billion by next year. Thursday`s meeting will be chaired by the UNITED Kingdom and the debate will focus on strengthening multilateral trade, combating protectionism and the need to make trade more inclusive and sustainable by involving women and young people at all levels. The fact is that the Commonwealth grows the food that is on tables around the world. We design the clothes that appear on the catwalks in London, New York and Milan, and we build planes, trains and cars that mean we can travel wherever we want, whenever we want. As Minister of Commerce, we know that we have to do it all the time. At least on paper, such a trading bloc can also benefit the rest of the Commonwealth. After U.S. President Donald Trump tore up the Trans-Pacific Agreement (TPA), which would have included countries that account for 40 percent of world trade in a new trading bloc, countries like Australia, New Zealand, Singapore and India – all members of the Commonwealth – could be put under pressure by an aggressive Chinese trade policy. Commonwealth free trade is the process or proposal to remove barriers to trade between Commonwealth of Nations member states.
[1] The preferential trading regime within the British Empire continued in one way or another among the Commonwealth states under the imperial preference system, until it was dismantled after the Second World War due to changes in geopolitics and the model of world trade and the United Kingdom`s membership of the European Economic Community. The idea of promoting renewed trade between Commonwealth states was born at the end of the 20th century in response to the changing world economy. In one extreme case, proposals were made for the creation of a multilateral free trade area in which all Commonwealth of Nations member states would participate. The fact is that trade between our nations is already worth half a trillion dollars. Whether it`s lamb from Wales, wines from New Zealand, Australia, South Africa, Kenyan coffee or Canadian maple syrup. The world is ready to sign free trade agreements with Britain. Other countries want our voice at the WTO table, they want to work with our citizens and have better ties to our industries. « Two Commonwealth countries do this on average 19-20% more than their non-Commonwealth partners, » he said. Starting in 2013[update], 75% of Canadian trade will take place with countries where Canada has a free trade agreement, but this does not include members of the Commonwealth.