AFP, London :
Britain is hoping this week’s Commonwealth summit will prise open greater trade with its historic network as it prepares to quit the European single market under Brexit.
The UK is pouncing on the organisation’s analysis showing the advantages of trade between Commonwealth countries due to its common language and legal systems.
But some quarters are warning that Britain’s trade with Commonwealth nations lags so far behind that with its European Union neighbours that a straight replacement is impossible.
The 53 member states are gathering for their biennial Commonwealth Heads of Government Meeting (CHOGM), being hosted this year in London.
Born out of the former British empire, the voluntary organisation focuses on development and democracy, but is turning its attention to boosting trade.
Intra-Commonwealth trade is expected to increase by at least 17 percent to around $700 billion by 2020, according to the 2018 Commonwealth Trade Review.
“Brexit will have wide-ranging economic implications for the UK, the EU and many Commonwealth members,” the report says.
“However, there may also be important opportunities for the UK in the post-Brexit period to… negotiate new bilateral trade agreements with interested Commonwealth members.”
Britain is going for the hard sell during CHOGM.
The summit proper is on Thursday and Friday but kicks off Monday with three days of forums and events that lay the groundwork.
Britain’s International Trade Secretary Liam Fox on Monday chairs a session on catalysing growth and championing free and fairer trade.
Meanwhile Britain is hosting a reception aimed at showcasing British exports, from food and drink to the English Premier League football trophy.
“You’ve got some of the fastest-growing economies in the world. It will be a great opportunity for us to rebuild old friendships,” British Foreign Secretary Boris Johnson told BBC television.
“A lot of that is going to be on the table at the Commonwealth summit,” he said Sunday.
When Britain joined the European Economic Community in 1973, it sidelined historic trading links with its former empire, causing much hurt in some countries.
Britain is due to leave the EU in March 2019. A transition period runs until the end of 2020 after which the UK will be out of the European single market and customs union.
Britain is gearing up to strike its own trade deals outside the single market and is looking to its former global network.
Britain is hoping this week’s Commonwealth summit will prise open greater trade with its historic network as it prepares to quit the European single market under Brexit.
The UK is pouncing on the organisation’s analysis showing the advantages of trade between Commonwealth countries due to its common language and legal systems.
But some quarters are warning that Britain’s trade with Commonwealth nations lags so far behind that with its European Union neighbours that a straight replacement is impossible.
The 53 member states are gathering for their biennial Commonwealth Heads of Government Meeting (CHOGM), being hosted this year in London.
Born out of the former British empire, the voluntary organisation focuses on development and democracy, but is turning its attention to boosting trade.
Intra-Commonwealth trade is expected to increase by at least 17 percent to around $700 billion by 2020, according to the 2018 Commonwealth Trade Review.
“Brexit will have wide-ranging economic implications for the UK, the EU and many Commonwealth members,” the report says.
“However, there may also be important opportunities for the UK in the post-Brexit period to… negotiate new bilateral trade agreements with interested Commonwealth members.”
Britain is going for the hard sell during CHOGM.
The summit proper is on Thursday and Friday but kicks off Monday with three days of forums and events that lay the groundwork.
Britain’s International Trade Secretary Liam Fox on Monday chairs a session on catalysing growth and championing free and fairer trade.
Meanwhile Britain is hosting a reception aimed at showcasing British exports, from food and drink to the English Premier League football trophy.
“You’ve got some of the fastest-growing economies in the world. It will be a great opportunity for us to rebuild old friendships,” British Foreign Secretary Boris Johnson told BBC television.
“A lot of that is going to be on the table at the Commonwealth summit,” he said Sunday.
When Britain joined the European Economic Community in 1973, it sidelined historic trading links with its former empire, causing much hurt in some countries.
Britain is due to leave the EU in March 2019. A transition period runs until the end of 2020 after which the UK will be out of the European single market and customs union.
Britain is gearing up to strike its own trade deals outside the single market and is looking to its former global network.
