As he comes in Rwanda today [Thursday] for the Commonwealth Heads of Government Meeting, the Prime Minister will make a number of fresh trade and investment announcements to foster job creation, shared prosperity, and the Commonwealth (CHOGM).
A third of the world’s population, as well as some of its cities and economies, are represented in the Commonwealth. Due to the “Commonwealth Advantage”—a shared language, legal system, and economic systems—investment is already 27% higher and bilateral trading expenses are on average a fifth lower across Commonwealth countries.
The decisions made today seek to take advantage of this special union by promoting international economic growth and opening up new markets for British knowledge and products.
The Prime Minister will advance this agenda when he meets with forward-thinking UK businesses like Bboxx and Ampersand at the Commonwealth Business Forum in Kigali later today.
He will also hold meetings on the future of sustainable aviation fuel and the UK-backed African Continental Free Trade Agreement. John Humphrey, the recently appointed HM Trade Commissioner for Africa, will be present with him.
Boris Johnson, the prime minister, said:
“Our special union of nations is humming with economic activity, which is an underestimated fact. Due to common legal and linguistic frameworks, trade and commercial linkages span continents.
From Chennai to Cape Town, the Commonwealth is home to some of the economies and most vibrant cities in the world.
With the new initiatives we’re announcing today, we’ll make sure that the UK is leading the way in maximizing chances for shared prosperity and growth that benefits all of our citizens.
I have more faith than ever that free enterprise will allow the people of Africa and every Commonwealth nation to prosper.
The UK will launch five new virtual Centres of Expertise to offer in-depth guidance and coaching on green growth, infrastructure, financial services, public finance, and trade in the year of the Queen’s Jubilee. These initiatives aim to accelerate our trade with important Commonwealth nations.
The ambitious Developing Countries Trading Scheme (DCTS), which will replace the Generalised Scheme of Preferences we had under the EU to lower costs and simplify trading rules for 65 developing countries, will also be officially announced by the Prime Minister in the coming weeks.
The DCTS will lower import tariffs on goods like food, clothing, and other items by over £750 million annually, helping consumers in the UK and businesses in 18 Commonwealth nations.
The African Continental Free Trade Area, which is anticipated to lift 30 million people out of extreme poverty and generate $450 billion for African nations – nine times more than they received in development aid in 2019 – is supported financially and technically by the UK. This builds on that support.
The GDP of the Commonwealth has increased by 25% since 2017, and it is anticipated to increase by nearly another 50% to $19.5 trillion over the following five years, opening up intriguing new export opportunities for UK companies.
Today, UK Export Finance will reveal financing totaling £124 million for Georgetown Public Hospital in Guyana’s modernization and expansion, which will include 256 new hospital beds and a cutting-edge labor and delivery facility to lower postnatal mortality rates. The UK will supply the project with more than 40% of the services and materials.
Along with the $1 billion in trade and investment gains made during his visit to India, the Prime Minister will also warmly welcome important new health export agreements for India for the UK company Isansys and the Guy’s and St. Thomas’ NHS Foundation.
At the Commonwealth Business Forum later today, the PM is anticipated to announce revolutionary new investments in clean and green technology.