Latest content: Trade and economy

Sustainable production and trade are essential for the future of our planet as they provide critical pathways towards achieving long-term economic, social and environmental sustainability. The Commonwealth recognises that the challenges of climate change, loss of biodiversity and resource depletion require urgent action. For over three decades, the Commonwealth has been at the forefront of global sustainability efforts, leading the way and advocating for change.

The African Commonwealth countries have a long-standing history of strong trade, investment and diaspora linkages with the UK. These economic relationships have been fostered over time as a result of historical ties, similar business procedures and legal systems, and the widespread use of the English language. Together, these 21 countries represent about 40 per cent of the continent’s population and half of its gross domestic product (GDP). They also play a crucial role in driving international trade and investment flows from Africa.

Gross domestic product (GDP) and the value of trade in goods and services are macroeconomic indicators that are widely used to assess a country’s level of development, economic wellbeing and growth prospects. Both GDP and trade are constructs developed by economists and may not necessarily align with the way citizens perceive the world.

International business (IB), whether cross-border activities by multinational enterprises (MNEs) or non-equity forms of investment, and the international environment it operates in are heavily influenced by the historical legacies of countries and their international relations.

Achieving universal access to affordable, reliable energy and increasing the share of renewable energy in the energy mix requires fundamental, rapid and large-scale shifts towards new technologies.

Following the severe impact of the COVID-19 pandemic, there is an opportunity to build back better by establishing sustainable economies that are more resilient to external shocks. For the countries of the Organisation of Eastern Caribbean States (OECS), achieving this will require addressing their unique vulnerabilities as small island developing states, including by focusing on opportunities to diversify and strengthen their economies. The book contains three different analyses on the sustainable blue economy, the digital economy and the impact of climate change and natural disasters, providing guidance to the OECS countries as they pursue their economic recovery efforts.

As countries recover from the COVID-19 pandemic, and face the compounding challenges of global inflation, debt, climate change and sociopolitical scenarios, there is a need to explore new investment strategies to accelerate economic development, build resilience and balance competing environmental, economic and social pressures. In this context, the concept of Environmental, Social and Governance (ESG) as a framework for sustainable growth has gained new relevance. This paper discusses the potential benefits of ESG in terms of enabling sustainable economic growth in the Commonwealth, including possible technical assistance, capacity building and policy development on ESG for public debt management and improved public sector sustainability, including collaboration with International Financial Institutions financing standards.

The United Nations’ Doha Programme of Action (DPoA), which runs from 2022 to 2031, renews the global community’s commitment to tackling the challenges hindering faster growth and development in the world’s 46 least developed countries (LDCs). The DPoA has similar growth and trade-related goals and targets as its predecessor, the Istanbul Programme of Action (IPoA), which was implemented from 2011 to 2020. However, most LDCs, including several in the Commonwealth, did not meet a number of these goals in the past decade (Commonwealth Secretariat, 2022). In the rapidly changing global economic landscape, with concerns about a worldwide recession and multiple interrelated food, energy and debt crises, significant changes in the trade and development paths of LDCs are needed to realise the DPoA’s aspirations and drive meaningful economic transformation.