The Business Forum outcomes direct leaders to commitments and practical actions

The Commonwealth Business Forum (CBF) is an integral part of CHOGM, which is a unique platform that brings together business and government leaders from across the Commonwealth for dialogue and brings businesses critical to trade and investment leadership with Government to debate the issues of their countries in 2018 and beyond.

The CBF is considered a unique and historic opportunity for those gathered, representing interests of 2.4 billion people in the world.  

Almost 5,000 top leaders, from business, politics and academia thus came together to showcase the Commonwealth’s vibrant and diverse network, among them almost 800 CEOs and Board members of leading companies at the CBF.

With a combined GDP of 13 trillion by 2020, it is estimated that the Commonwealth advantage shared values, regulatory system and language, make trade costs on average 19% lower between Commonwealth countries. 

From the discussions, the conclusions and the shared views at the Forums are formulated into an outcomes document. And from those outcomes the Heads of Government discussed and reached agreement to declare their commitment and agree to practical actions.

Some of the major commitments made on the business front highlighted immediately after the announcements, were reported in these columns but there were several more that included, that were important, a comprehensive list is as follows.   

Multilateral trading system

The leaders were particularly concerned about the risk of protectionism to the global economy and underlined the importance of resisting all forms of protectionism. They reaffirmed their commitment to free trade in a transparent inclusive, fair, and open rules based multilateral trading system, which takes into account the special requirements of least developed countries and small and vulnerable economies.They reiterated their support for finding solutions to the remaining Doha Development Round issues.    

All Commonwealth WTO members agreed to ratify and work towards timely implementation of the WTO   Trade Facilitation Agreement in their own countries: and agreed to consider providing programs of capacity building and other targeted inventions in developing countries. 

They welcomed initiatives to strengthen the Commonwealth small states Office in Geneva through the provision of additional resources and the sharing of technical expertise that enable small and developing states to participate in the multilateral trading system and benefit, from trade related economic growth.   

 

Inclusive and sustainable economic growth 

Promote women’s economic empowerment: To promote inclusive and economic growth, the leaders resolved to address systematic barriers to full and equal participation in the economy by taking a gender responsive approach to the development of trade policy, and to promote women’s economic empowerment. 

They encouraged Commonwealth and partner organisations to work towards an increase in the number and enhancement of the success rate of women owned businesses, breakdown gender barriers in all sectors, and increase opportunities for women to trade internationally.

The leaders collectively also stressed the importance of creating meaningful employment opportunities for the Commonwealth’s growing youth populations. They agreed on the need to invest in a system approach to support, young people including through skills building, entrepreneurship, apprenticeship, and the need for better data to target interventions effectively. 

The leaders recognised the role of industrialisation as a key driver of economic development, innovation and job creation. They emphasised that improved access to reliable and affordable energy will create and enabling investment environment for successful industrialisation.

The Commonwealth leaders called for large-scale public and private investments and better coordinated strategies by international financial institutions in sectors that underpin growth and increase employment especially for young people.      

Intra-Commonwealth trade and investment

With the goal of expanding and boosting intra-Commonwealth trade to $ 2 trillion by 2030, the Commonwealth leaders adopted a declaration on the Commonwealth Agenda and Trade and Investment  (reported in detail in these columns earlier) and mandated the secretariat to develop an accompanying action plan that consist capacity building and hard and soft connectivity. 

The Commonwealth leaders further agreed to share best practices and experiences and undertake voluntary mutual support to enable member countries to realise their full economic potential and deliver prosperity to all their people. Recognising the importance of a long-term vision on trade and investment, member countries agreed to work together towards an appropriate framework and to facilitate business-to-business contacts.

The CBF that thus successfully concluded week before last in London was the 11th Business Forum held alongside CHOGM and the first held in the UK, with the last CHOGM having been held in the UK 20 years ago (in 1997). 

The 2018 Business Forum in London was organised by the Commonwealth Enterprise and Investment Council and the Government of the United Kingdom, in partnership with the City of London.