Business leaders across Asia should capitalise on the Commonwealth’s trade advantage, says Pakistan’s High Commissioner to the United Kingdom.
Addressing the fifth anniversary summit of the Commonwealth Alliance of Young Entrepreneurs-Asia in London, Mr Syed Ibne Abbas said businesses could benefit from the inbuilt advantages of trading between Commonwealth countries.
“Pakistan attaches great importance to its relations with the Commonwealth being one of the founding members. We are committed to further strengthening the organisation,” he told the conference at Marlborough House.
“It is high time we begin to explore the opportunities that the Commonwealth can help to unlock, the intra Commonwealth trade potential, especially post-Brexit.”
Research by the Commonwealth Secretariat suggests that bilateral costs for trading partners in Commonwealth member countries are on average 19 percent less than between those in non-member countries.
Referring to this study, the high commissioner urged the young entrepreneurs to consider the advantages of trading with peers in other Commonwealth member countries in Asia.
“To reap the benefits of our common heritage we need to capitalise on the Commonwealth’s trade advantage. The intra-Commonwealth trade advantage which currently stands at 19 percent has the potential to be enhanced a great deal.
"I see tremendous potential to deepen inter and intra-regional trade and economic investment cooperation among Asian economies. Your role as business leaders, investors and entrepreneurs is critical in fully harnessing this potential.”
He added that a strong trade and economic relationship was an essential prerequisite for stable and long-term people-to-people relations.
Find out more about the fifth summit of the Commonwealth Alliance of Young Entrepreneurs-Asia. [add link to web story]
Caption: From left to right: Commonwealth Secretariat Head of Youth Programmes Layne Robinson, Commonwealth Secretary-General Patricia Scotland and Pakistan High Commissioner His Excellency Mr Syed Ibne Abbas