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Commonwealth has 53 members and they are from six different continents. There are almost 2.4 billion people in the Commonwealth and the gross national income of this can be depicted as 10.7 trillion dollars (Youtube, 2021). Trading costs between these Commonwealth countries are almost 19% less than the non-member countries.

Covid-19 is the reason for the loss of the trade by 345 billion dollars. In this context, 60 billion dollars of intra-trade has been lost by the countries as well. In addition to that, it has been the reason for the heavy toll globally. All of the Commonwealth countries have been affected due to this situation. Besides that, almost 1.15 trillion of gross domestic products have been lost due to the Covid-19. It has deteriorated in a single year due to the issues in trade. In the case of the pre-pandemic situation, growth in GDP can be encountered as almost 10%. Reduction in foreign direct investment (FDI) can be encountered during this situation as well. A loss in FDI in this scenario can be encountered as almost 153 billion dollars. Besides that, cross-border trade has been affected during this scene as well.

The advantages of the Commonwealth during this time can be depicted as Commonwealth support. Small states have been capable of attaining recovery hence positive solutions for managing trade has been possible. Covid-19 can be managed with the help of this situation. Mutual support and benefits can be obtained through different initiatives such as Commonwealth Connectivity Agenda. Sustainable energy transition has been another method of transforming the overall economy in this scenario as well. Trade can be boosted between the countries through the help of this competitive advantage attained by Commonwealth countries. In this context, Commonwealth Trade Advantage can be encountered as 21% on an average. Besides that, investment has been tripled during this scenario by almost 27% (The Commonwealth, 2021).

The prospects for trade recovery suggest the configuration of the supply chain along with Industry 4.0. In addition to that, digitalisation can be included in this scenario for the improvement of the trade between the countries. Global production can be transformed in this scenario due to the help of the Commonwealth countries. In addition to that, trade can be transformed in the economy as well. Government and countries all around the world are trying to improve the supply chain for the improvement of the current situation. Reduction of risks along with the building of resilience can be possible as well. The countries are working towards the reduction of carbon footprint in production for sustainability purposes. Besides that, net-zero emission by 2050 is possible in this situation (The Commonwealth, 2021). Digital technologies and trade along with e-commerce and online delivery are important aspects for the growth of trade between Commonwealth countries.

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The Source of future growth of the Commonwealth countries is the strengthening and reforming of the multilateral trading system. Objectives of the World Trade Organisation (WTO) can be achieved in this context. Enhancing incomes and helping in the employment creation is possible in this situation as well. Supporting sustainable development along with the raising of the living standards is possible through the help of the Commonwealth advantage by these member countries. In addition to that, the countries can be able to implement the 2030 Agenda for Sustainable Development in accordance with the improvement and achievement of overall sustainability (The Commonwealth, 2021). Transparency and predictability between the countries can be improved in this scenario for the achievement of the objectives as well.

Support measures for LDCs and graduates can be improved in this context for the achievement of the recovery from Covid-19.  Besides that, the countries are required to take advantage of the duty-free economy. In this context, exports of goods and services can be improved in the economy in this situation. Countries that can be included in this plan are Australia, Canada, the UK, the USA and the EU. India and China can be the major drivers towards the recovery from Covid-19 in 2021 (The Commonwealth, 2021). These countries can take advantage of WTO policies for the growth of import and export of goods and services. New trading opportunities post-Brexit in the UK can be experienced. Free trade agreements can be developed for the elevation in the number of exports of goods and services in the economy.

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Commonwealth Heads of Government Meeting 2018

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The Commonwealth, 2021. The Commonwealth, The Commonwealth. [online] Available at: https://thecommonwealth.org/ [Accessed 31 December 2021].

Youtube, 2021. Youtube.com. [online] Available at: https://www.youtube.com/watch?v=DoSTR0tvtjk  [Accessed 31 December 2021].

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Total global exports of 54 Commonwealth member countries, goods and services combined 2005-2019

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Total global exports of 54 Commonwealth member countries, goods and services combined 2005-2019

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Trends in intra-commonweath exports of goods and services 2005-2019

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Trends in intra-commonweath exports of goods and services 2005-2019

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Boris Johnson, the UK Prime Minister is the current Chair of the Commonwealth and President of the G7. If you found yourself sharing an elevator with him for 60 seconds at the UN Headquarters, what would you suggest to him that the Commonwealth and the G7 can do to bolster and boost trade (especially from a sustainability perspective) so we can all benefit and why