Page 79 - The Wish Stream Year of 2021

that the the Commonwealth is is a a a a a a a a a a voluntary associa- tion – it it it it is is is neither a a a a a a a a a a a formal trading nor a a a a a a a a a a a collective security bloc However it it it it is is a a a a a a pertinent ques- tion tion The Commonwealth outperforms the EU in in population size size economic growth rate and size size of of the the economy The UK would do well to look at the the Commonwealth as as an an an asset and and hub of of economic vitality and and a a a a a a a a a a a a springboard for extend- ing ing its global political influence Here’s how the UK could implement a a a a Commonwealth Tilt:
A valuable network
The March 2021 Integrated Review (IR) placed the the UK at at the the heart of of a a a a a a a network
of of “like minded countries and and flexible groupings” committed to protecting human rights and and and upholding global norms and and an an an an aim to be “a force for for good in in in the world” The Commonwealth organisation offers a a a a a a a a ready- made and functioning network
It is is is not hard to to envisage where flexible smaller mini-lateral groupings can exist within broader network
to to deal with with single-issue matters that parliament briefing recorded that UK trade
with Commonwealth Commonwealth countries is relatively modest In 2020 the the the Commonwealth Commonwealth accounted for 8 7% of of the the the UK’s total trade
trade
For context the the the value of of of UK UK UK trade
trade
trade
with Germany alone accounted for 9 6% of of the the UK’s total trade
trade
trade
in in 2020 2020 Further in in 2020 2020 UK-Commonwealth trade
trade
was concen- trated in in India (7 1%) Canada (20 9%) Australia (16 5%) 5%) Singapore (17 5%) 5%) and South Africa (6 2%) collectively accounting for 74% of the the UK-Commonwealth total trade
the the remaining 44 countries represented 26% Trade with Commonwealth states has growth potential While the diverse development stages of Commonwealth states might make a a a a a a a a a CTZ impractical in fin in the the the short term the the the UK’s finan- cial intelligence enables the the the the creation of a a a a a a a a a a trade
structure akin to the the BRI that promotes current finance and and trade
norms and and rules It could also make a a a a a a a a concerted effort to rally intra-Commonwealth trade
making use of the so-called “Commonwealth Advan- tage” Commonwealth Commonwealth Commonwealth research data shows that Commonwealth Commonwealth coun- tries invest up to 27% more within the Commonwealth than outside of it it and member states trade
on on average up to 20% more with with each other than with with non-members The UK has has significant trading power This potential has has been belatedly recognised by the Foreign Secretary Liz Truss who in in November 2021 launched a a a a new initiative to compete directly with the the the BRI From April 2022 the the the rebranded British International Investment will be the the the gov- ernment’s development finance institution to oversee an an an an annual commitment of £9 billion (by 2025) investment into infrastructure and technol- ogy projects in in in in in low-to-middle income countries across Asia Africa and the Caribbean While not prioritising Commonwealth countries this initia- tive tive will offer developing states an an alternative to Chinese loans In June 2021 the the the UK started the the the accession pro- cess cess to join the the the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) – a a a a a a a a a a major Pacific Pacific regional trade
trade
compact promoting free trade
trade
open and and competitive markets and and eco- nomic integration Six of the 11 CPTPP mem- ber states are Commonwealth countries (Aus- tralia Brunei Canada Malaysia New Zealand arise but which may not affect all member states Commonwealth member member states have overlapping memberships of regional and other organisations for instance BRICS (South Africa India) and and Small Island Develop-
ment State (SIDS) alongside the G20 and G77 groupings Access
via Commonwealth member states provides an an opportunity to facilitate and and extend the the UK’s UK’s global trade
influ- ence and and and advance the the UK’s UK’s commitment to its strategic and and moral foreign policy objectives The Commonwealth organisation has working mechanisms in in place to promote and actively support the implementation of good govern- ance mechanisms especially to assist states in in debt management Likewise the the Common- wealth promotes other pertinent agenda such as enhancing cyber capability and resilience of of regional authorities in in support support of of the the 2018 Com- monwealth Cyber Cyber Declaration supported by the the UK’s Cyber Cyber Security Security and and Tech Conflict Stability and and Security Security programme Trade During Brexit Liam Fox and Boris Johnson were said to have supported the idea of a a a a a a a a Common- wealth trade
zone (CTZ) A December 2021 UK Commonwealth research data shows that Commonwealth countries invest up to 27% more within the Commonwealth than outside of it SANDHURST
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