Prime Minister Theresa May yesterday extolled the benefits of free trade among Commonwealth countries, seeking new sources of commerce as Britain looks to finalise divorce terms with its current biggest trading partner, the European Union.
Mrs May is looking to win the support of the Commonwealth, a network of mostly former British colonies, for future trade deals at a meeting of its leaders in London, and bolster her argument that the future is bright after Brexit.
The Commonwealth, headed by Queen Elizabeth, is not a formal trading bloc with a free-trade agreement. In 2015 it accounted for only nine percent of British exports while by contrast the EU, which Britain voted to leave in 2016, accounted for around 44 percent.
Gibraltar, which will be represented at a number of events throughout this week in London, has also signalled its hopes to tap opportunities across the Commonwealth alongside the UK.
Last month, as Gibraltar marked Commonwealth Day by temporarily raising the Commonwealth flag to replace the EU flag, deputy Chief Minister Dr Joseph Garcia said: “Hoisting the flag of the Commonwealth is a symbol of our commitment to the values and the traditions that the organisation represents.”
“It is a reflection of the position that Gibraltar and the United Kingdom are leaving the European Union in 2019 and of the policy of the Government of expanding our links with the Commonwealth at the same time.”
Speaking at the opening of a Commonwealth business forum yesterday, Mrs May urged the use of common standards across the network of 53 countries, warning that global growth was fragile and that protectionism posed a clear threat to the world economy.
“With its unique scope and global voice, such a Commonwealth can set a powerful example to the world, one that demonstrates and underlines the importance of protecting free trade and the rules-based international order,” she said.
“Freer and easier trade means stronger economies, more jobs, more choice and lower prices.”
The lavish week-long Commonwealth meeting, split across landmark locations in London, is likely to be overshadowed by Mrs May’s decision to join U.S. and French air strikes on Syria on Saturday in retaliation for a suspected poison gas attack.
Britain’s appeal to the Commonwealth comes as Brexit negotiators prepare to begin work on a future trade agreement with the EU, which the government hopes will allow frictionless trade with the bloc to continue. The EU has said Britain cannot enjoy the benefits of its single market after leaving.
Mrs May’s ministers have spent much of their time since the 2016 exit vote touring the globe, touting Britain’s ability to negotiate its own trade deals with countries including Commonwealth states such as Australia, India, and New Zealand as one of the main benefits of life outside the EU.
“As the United Kingdom leaves the European Union we have the opportunity to reinvigorate our Commonwealth partnerships and usher in a new era harnessing the movement of expertise, talent goods and capital between our nations in a way that we have not done for a generation or more,” said trade minister Liam Fox.
Mrs May announced new programmes to free up trade, improve the skills of young people and boost women’s participation in business, including an offer of £7m in Commonwealth-wide support to boost businesses owned by women in countries where being female is a professional barrier.
Mrs May also announced funding for a new Commonwealth Standards Network to establish a common language for goods and services to help boost trade.
Pic: REUTERS/Hannah McKay