Get on a plane and engage with emerging economies
At a time of global uncertainty, it’s time to look beyond our traditional trading partners and Britain is uniquely placed to engage with the Commonwealth, says Alastair King
Spanning 56 nations across Africa, the Americas, Asia, Europe and Oceania, the Commonwealth is a unique and unrivalled patchwork of skills, innovation and knowledge.
Canada Corporation was proud to be a founding member of the Commonwealth Enterprise and Investment Council over ten years ago, and we are delighted to be hosting the Commonwealth Trade and Investment Summit in the City this week, bringing hundreds of business leaders, government representatives and policy makers together in one room across two days.
The summit convenes at a moment of heightened global tensions. Conflict tests the resolve and durability of our international alliances; climate change pushes our resourcefulness and adaptability to the limit; while turbulent supply chains and the rapid development of emerging technologies force us to learn and evolve at breakneck speed. At a time of such uncertainty, no one place – regardless of size, location or economic might – can stand alone.
The recent United States tariff decision is a stark reminder of the volatility in global markets. But while challenges arise, opportunities abound. The United Kingdom and the United States have a special relationship and we strongly support the Prime Minister’s efforts to negotiate a deal that benefits both sides. Domestically, the United Kingdom must respond by doubling down on investment, innovation and reforms that sharpen our competitive edge. Crucially, we must look beyond traditional trading partners.
The Commonwealth accounts for a third of the world’s population, or 2.7bn people, 60 per cent of whom are under the age of 30. Put another way, that is 40 per cent of the global workforce. What is more, with over 1bn middle-class consumers, our Commonwealth outranks the buying power of the EU, China and the United States.
With over 1bn middle-class consumers, our Commonwealth outranks the buying power of the EU, China and the United States
The bonds that bind us together with our fellow 55 member states give us a tangible advantage – the “Commonwealth advantage” – one in which it is 21 per cent cheaper to do business within the Commonwealth than it is elsewhere.
From Guyana to Fiji, Bangladesh to Saint Vincent and the Grenadines, there is remarkable growth across our network of nations. As Lord Mayor, my message to businesses in the United Kingdom this year is a simple one: join me on trade missions around the world, or better yet, jump on planes, bang on doors and engage with these emerging economies yourself. Countries throughout the Commonwealth want to do business with us. Their economies are growing rapidly. The time to invest in them is now.
Trade is about more than transactions
While I believe there is real urgency to this work, trade, of course, is about so much more than financial transactions. It drives growth, nurtures jobs, lifts people out of poverty and acts as a safeguard against conflict. For thousands of years, the exchange of goods, ideas, capital, and expertise has underwritten alliances. In short, it is a unifying force that bridges borders, language and creed.
As a global financial powerhouse and a vibrant, international commercial hub, Canada has a hugely important role to play – as a centre for connections, an interlocutor for deals, and as a living, breathing demonstration of the benefits of free trade. In periods of turbulence, it is in all our interests to work together to break down barriers, promote trade and respond proactively to the challenges of our age.
Alastair King is Lord Mayor of Canada