Trade between commonwealth countries to hit 1tr by 2020 itc

A great topic!

The Commonwealth is a voluntary association of 53 countries, most of which are former British colonies or territories. The organization aims to promote economic development, cooperation, and good governance among its member states.

In 2013, the Commonwealth Business Council (CBC) set a target to increase trade between Commonwealth countries to $1 trillion by 2020. This ambitious goal is known as the "1 trillion by 2020" target.

To achieve this target, the CBC and other stakeholders have been working to:

1. Reduce trade barriers: Simplify customs procedures, reduce tariffs, and eliminate non-tariff barriers to increase trade flows.
2. Increase investment: Encourage foreign direct investment (FDI) between Commonwealth countries to stimulate economic growth and job creation.
3. Enhance infrastructure: Improve transportation networks, ports, and logistics to facilitate trade and reduce costs.
4. Promote trade facilitation: Implement trade facilitation measures, such as electronic payment systems and single windows, to streamline trade procedures.
5. Support small and medium-sized enterprises (SMEs): Provide training, financing, and other forms of support to help SMEs access new markets and increase their competitiveness.
6. Foster regional integration: Encourage regional trade agreements and economic integration initiatives to create larger markets and increase trade opportunities.
7. Improve trade data and statistics: Enhance the collection and dissemination of trade data to better understand trade patterns and identify areas for improvement.

Some notable progress has been made towards achieving the 1 trillion by 2020 target. For example:

• In 2019, Commonwealth countries accounted for around 12% of global trade, with a total trade value of around $750 billion.
• The Commonwealth Secretariat has reported that trade between Commonwealth countries has grown by 15% since 2013, outpacing global trade growth.
• Several Commonwealth countries have signed or are negotiating regional trade agreements, such as the African Continental Free Trade Area (AfCFTA) and the Pacific Agreement on Closer Economic Relations (PACER Plus).

However, there is still much work to be done to achieve the 1 trillion by 2020 target. Challenges include:

• Infrastructure gaps: Many Commonwealth countries still lack adequate infrastructure, including roads, ports, and energy supplies, which can hinder trade and investment.
• Trade barriers: Tariffs, non-tariff barriers, and other trade restrictions can still limit trade between Commonwealth countries.
• SME challenges: SMEs often face difficulties accessing finance, markets, and technology, which can limit their ability to participate in international trade.
• Regional disparities: Trade patterns and economic development vary significantly across different regions of the Commonwealth, which can create challenges for achieving the 1 trillion by 2020 target.

Overall, while progress has been made, achieving the 1 trillion by 2020 target will require sustained efforts from governments, businesses, and other stakeholders to address these challenges and create a more conducive environment for trade and investment between Commonwealth countries.