The Commonwealth Secretariat has launched its 2024 Trade Review, showcasing significant strides in intra-Commonwealth trade and emphasizing the pivotal role of trade and investment in strengthening food security across its 56 member states. Released ahead of the upcoming Commonwealth Heads of Government Meeting (CHOGM) in Samoa, the report underscores record-breaking achievements and outlines key challenges and opportunities in global food systems.
Unprecedented Economic and Trade Growth
The review revealed that the Commonwealth’s combined GDP reached a milestone of US$14 trillion in 2022, with projections suggesting it could surge to $20 trillion by 2029. Intra-Commonwealth trade reached a record $854 billion in 2022 and is expected to surpass $1 trillion by 2026, reflecting a strong rebound from the COVID-19 pandemic. Foreign direct investment (FDI) within member states also hit a high of $172 billion.
Commonwealth Secretary-General Patricia Scotland KC emphasized the significance of these milestones: “Our Trade Review highlights the resilience and potential of intra-Commonwealth cooperation. By fostering sustainable trade and investment, especially in food sectors, we can build more secure and resilient systems for all members.”
Food Security: A Critical Focus
Food security emerged as a central theme of the report, reflecting global concerns about sustainable development. Commonwealth nations collectively imported $224 billion worth of food in 2022 while exporting $263 billion globally. Intra-Commonwealth food trade—valued at $53 billion—plays a vital role in supporting developing nations and small island states, where food imports are essential for nutrition and stability.
The report highlights that trade within the Commonwealth offers distinct advantages, with food trade between member countries being 22% higher than with non-members. This advantage increases to 33% when countries share trade agreements, particularly benefiting exports of fruits, vegetables, cereals, and fish products.
Path Forward: Resilient and Sustainable Systems
The Trade Review recommends strengthening collaboration in food trade, investing in sustainable agricultural practices, and reducing food loss and waste. With food imports projected to double to $486 billion by 2033, the Commonwealth aims to enhance supply chain resilience and promote healthier, more sustainable food production.
World Trade Organization Director-General Dr. Ngozi Okonjo-Iweala praised the report’s insights: “The post-COVID recovery of intra-Commonwealth trade demonstrates the growing importance of regional cooperation. This report provides a valuable blueprint for using trade as a development tool.”
Key Insights for Future Development
The review offers strategic guidance to policymakers ahead of CHOGM 2024, focusing on sustainable development goals and economic resilience. With trade costs between Commonwealth countries 21% lower on average, the bloc is well-positioned to lead global efforts in building inclusive, resilient, and sustainable economies.
The 2024 Commonwealth Trade Review sets the stage for transformative discussions in Samoa, highlighting the Commonwealth’s commitment to leveraging trade for a more secure and prosperous future.
