Economic Growth and Trade: Commonwealth
The question
To ask the Secretary of State for Business and Trade, what discussions he has had with his Cabinet colleagues about the potential merits of a Commonwealth first approach to a) trade and b) economic growth.
Answered by Chris Bryant
The UK’s Trade Strategy sets out the Government’s approach to maximising trade opportunities in support of growth and economic security.
The UK already has formal trade arrangements with the vast majority of Commonwealth members. This includes through FTAs such as Australia, New Zealand and India, membership of the CPTPP, Economic Partnership Agreements and the UK’s Developing Countries Trading Scheme.
The UK supplements this through direct funding, including on developing a Commonwealth Standards Network, facilitating investment for climate positive businesses and supporting the integration and participation of Small States and Developing Countries in the global trading system.
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