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Q3. А step towards solving the problem of creating an international commercial arbitration tribunal of the Commonwealth.

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Q3. А step towards solving the problem of creating an international commercial arbitration tribunal of the Commonwealth.

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Hello Prime Minister, at my institute we are now exploring the opportunities that the Commonwealth has.
And you, as the chairman, can minimize obstacles to using international commercial arbitration as a dispute resolution mechanism.

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Part I of the Commonwealth Fintech Toolkit introduces six disruptive technologies that are transforming financial services and impacting on the lives of Commonwealth citizens.  While the list of topics is not exhaustive, it comprises six of the most relevant, widespread, impactful, and prominent technologies.

Disruptive technologies

Digital financial services (PDF)

Artificial intelligence (PDF)

Blockchain (PDF)

Digital Identity (PDF)

Big Data Analytics (PDF)

Cybersecurity (PDF)

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Commonwealth Fintech Toolkit | The Commonwealth

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8. The SIDS Clean Energy Toolkit as one of the business opportunities

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8. The SIDS Clean Energy Toolkit as one of the business opportunities

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The SIDS Clean Energy Toolkit, developed under a joint project by the Commonwealth Secretariat and Sustainable Energy For All (SEforAll), helps countries translate clean energy transition plans into investable business opportunities.

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A new toolkit launched in the margins of the UN Climate Change Conference COP26 aims to unlock clean energy investments for small island nations, many of whom rely heavily on imported fossil fuels for power generation.

Small island developing states (SIDS) made a collective commitment in 2019 to achieve 100 percent renewable energy targets by 2030 and net zero emissions by 2050. However, they lack sufficient funding to achieve this transition, with private and public funders yet to step up investments in the clean energy sector.

New Toolkit

The SIDS Clean Energy Toolkit, developed under a joint project by the Commonwealth Secretariat and Sustainable Energy For All (SEforAll), helps countries translate clean energy transition plans into investable business opportunities.

It supports analysis to help tackle hurdles such as the small size of projects and lack of interest from key international investors, the lack of adequate capital in local financial institutions and restrictive legal conditions for foreign investment. It enables users to carry out cost-benefit analyses and build robust business cases for energy investment in their countries.

Launching the toolkit, Commonwealth Secretary-General Patricia Scotland said:

"Of the 38 countries classified by the UN as Small Island Developing States, 25 are Commonwealth countries. Despite significant clean energy resource potential, SIDS have a heavy dependence on imported fossil fuels that result in some of the highest electricity costs in the world, along with significant supply chain challenges that put pressure on already-strained economies.

"This toolkit can assist SIDS develop business cases and strategies to facilitate investment in clean energy projects, particularly in the power sector."

Clean energy transition

The toolkit is being trialled in Seychelles. Using the toolkit, a country business case has been developed for Seychelles that identifies the scale of investment required to transition to clean energy. It also provides an objective basis for credible strategies to attract and maximise the investment required to achieve its clean energy goals.

Welcoming the opportunity, Minister for Finance, Economic Planning and Trade, Naadir Hassan, said: "I cannot stressed enough that there is an urgent need for us to prepare for the future and unless we invest in developing and exploiting renewable energy sources today, we might face a situation where we become victims of severe energy shortages. The cost of transitioning at that point may be beyond our means. The Call for Action is now."

The launch event also included a roundtable for investors and financial institutions such as the International Renewable Energy Association (IRENA), the Green Climate Fund (GCF) and Bloomberg New Energy Finance (BNEF), who discussed the business case for investing in clean, affordable reliable electricity in Seychelles.

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New toolkit to boost clean energy investments in small island nations

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A new toolkit launched in the margins of the UN Climate Change Conference COP26 aims to unlock clean energy investments for small island nations, many of whom rely heavily on imported fossil fuels for power generation. Small island developing states (SIDS) made a collective commitment in 2019 to achieve 100 percent renewable energy targets by 2030 and net zero emissions by 2050.

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Commonwealth Fintech Toolkit will offer technical guidance on fintech and its applications, highlight key cybersecurity information, provide a framework for creating an enabling environment for fintech, and offer capacity development courses for fintech professionals working in government.

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Heather Cover-Kus, Economic Officer in the Small States team at the Commonwealth Secretariat, discusses how financial technology or fintech is stepping in to help in the response to coronavirus. A mere four months ago, many of us had never heard the term coronavirus, yet now the novel coronavirus an…

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3. Digital connectivity will be especially key

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3. Digital connectivity will be especially key

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Strengthening the connectivity among our countries is therefore critical, so that trade flows remain resilient during times of crisis. Digital connectivity will be especially key, as the need to interact virtually now will transform the way people trade and do business. It is already a major area of focus for the Commonwealth, under its flagship Connectivity Agenda.

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The world is bracing for a massive hit to the global economy in the wake of the coronavirus (COVID-19) pandemic. Experts have warned of a US$1-2 trillion shortfall in global income this year, while world trade could contract by between 13 and 32 per cent.

As countries take drastic measures to fight the spread of the disease, we are seeing borders and businesses closed, domestic and international travel scaled back, and a totally transformed way of life due to social distancing. Currently, 2.6 billion people across the world are affected by their workplace closing.

The result is a sweeping drop in economic activity, a much less active workforce, on top of growing global insecurity for the future. Without ample government bailouts, poor developing countries and small states remain the most vulnerable in the face of the pandemic.

However, history has shown that with the right policies and support measures in place, the Commonwealth as a whole will eventually be able to overcome the economic fallout - though extremely bleak times lie ahead.

In particular, gradually reviving trade flows amongst 54 member countries - worth more than an estimated US$700 billion in 2019 - can play a fundamental role in boosting economic recovery, while harnessing the benefits of Commonwealth ties.

Recovering from the crisis

Given the unprecedented nature of current pandemic, I am cautious in comparing economic-induced and biological-induced crises. However, the 2008-2009 global financial crisis can offer some insights about the Commonwealth's possible performance.

Over the years following the global financial crisis, the Commonwealth's overall exports of both goods and services grew at a faster rate than the world average.

From 2010 to 2018, the Commonwealth's exports in goods, which make up 70 per cent of its trade, grew by around 8 per cent, compared to only 5.5 per cent for the world.

In fact, during the global trade slowdown of 2012 to 2016, the Commonwealth's services exports were especially resilient, expanding by 7 per cent, on average - more than twice the growth rate for the rest of the world.

Rapid population and per capita income growth (especially in Asia) are part of the driving forces behind the Commonwealth's buoyancy. With 2.4 billion people, 60 per cent of whom are under the age of 30, these drivers are unlikely to slow anytime soon - with or without coronavirus.

Commonwealth Advantage

Moreover, Commonwealth countries share historical ties, familiar legal and administrative systems, a common language of operation (English) and large dynamic diasporas, which help make trade and investment more convenient and efficient.

While not a formal trading bloc, this 'Commonwealth Advantage' enables member states to trade up to 20 per cent more with each other than with non-members, at a 21 per cent lower cost, on average. Our research also shows that these countries invest up to 27 per cent more within the Commonwealth than outside of it - almost tripling investment levels five years ago, which stood at 10 per cent.

The potential benefits have not been lost on countries, even as we prepare to face a severe slowdown of the global economy brought on by COVID-19.

The slowing of the Chinese economy (a major trading partner), the decline in tourism and travel, as well as plunging oil prices will certainly cause economic strain to members. However, investment flows to sectors such as e-commerce, digital technologies, cybersecurity, healthcare and biotechnologies could shore up, as business migrates online, and countries race to find a vaccine and other medical treatments.

Strengthening the connectivity among our countries is therefore critical, so that trade flows remain resilient during times of crisis. Digital connectivity will be especially key, as the need to interact virtually now will transform the way people trade and do business. It is already a major area of focus for the Commonwealth, under its flagship Connectivity Agenda.

While being extremely watchful of the pandemic's economic impacts, I am cautiously hopeful about the potential for intra-Commonwealth trade to act as a lifeline during the darkest of times. By leveraging the Commonwealth Advantage and robust policy responses, countries can bolster vital trade and investment flows, to eventually emerge at the end of the tunnel.

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We must leverage the 'Commonwealth Advantage' to counter the economic fallout of COVID-19

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By Patricia Scotland, Commonwealth Secretary-General The world is bracing for a massive hit to the global economy in the wake of the coronavirus (COVID-19) pandemic. Experts have warned of a US$1-2 trillion shortfall in global income this year, while world trade could contract by between 13 and 32 per cent.

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We recognise the importance of international trade and investment, sharing best practices and promoting economic cooperation and development for sustainable economic growth, in boosting employment and incomes in our countries, and helping them achieve the Sustainable Development Goals (SDGs). Our officials working on the Commonwealth Connectivity Agenda will redouble efforts and identify ways to reduce barriers and promote the adoption of digital technologies as a positive enabler in order to increase resilient, inclusive and diverse trade and investment, and to strengthen global supply chains.

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5. Innovation hubs’catalytic role as ecosystem support organizations

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5. Innovation hubs’catalytic role as ecosystem support organizations

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50%  of the respondents offer financial support to startups,  which takes the form of equity,  grants, or

debt financing,  with a  majority of the hubs mixing

these instruments. Grants, however, were the most

popular instrument with equity coming in at a close

second. 77% of hubs that offered financial support claimed to invest up to  $10,000  per startup with a

total of 1194 startups funded since the hubs’ inception,  according to the  103  hubs surveyed alone.

Investments into 86% of the 1194 startups that received funding from hubs was done between 2018  and  2021,  with investments into the startups reaching its peak in  2020.

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1. The impact of COVID-19 on Commonwealth countries

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1. The impact of COVID-19 on Commonwealth countries

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High numbers of COVID-19 cases, including deaths, in low-income importing countries led to a reduction in Commonwealth exports, while a high incidence of COVID-19 in high-income importing countries led to with an increase in their exports.

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Sarangé, C. & Chuku, F. (2021) Bolstering innovators in Africa [online] .
Available from: https://padlet.com/lon180903008/7b28gtzenbwgmtk2 [Accessed 27.12.2021].

Scotland, P. (2020) We must leverage the ‘Commonwealth Advantage’ to counter the economic fallout of COVID-19 [online]. Available from: https://thecommonwealth.org/media/news/we-must-leverage-commonwealth-advantage-counter-economic-fallout-covid-19 [Accessed 5.12.2021].

The Commonwealth (2020) Embracing tech to tackle coronavirus [online].
Available from: https://thecommonwealth.org/media/news/embracing-tech-tackle-coronavirus
[Accessed 10.12.2021].

The Commonwealth (2021) Commonwealth Fintech Toolkit [online].
Available from: https://thecommonwealth.org/our-work/commonwealth-fintech-toolkit
[Accessed 20.12.2021].

The Commonwealth (2021) COMMONWEALTH STATEMENT ON THE COVID-19 PANDEMIC [online].
Available from: https://thecommonwealth.org/sites/default/files/inline/Commonwealth%20Statement%20on%20COVID-19%20FINAL%20VERSION.pdf [Accessed 20.12.2021].

The Commonwealth (2021) Commonwealth Trade Review 2021: Energising Commonwealth Trade in a Digital World - Paths to Recovery Post-COVID [online].
Available from: https://www.thecommonwealth-ilibrary.org/index.php/comsec/catalog/book/327
[Accessed 15.12.2021].

The Commonwealth (2021) INTERNATIONAL TRADE WORKING PAPER [online].
Available from: https://thecommonwealth.org/sites/default/files/inline/ITWP_2021-08_UPDF.pdf
[Accessed 10.12.2021].

The Commonwealth (2021) New toolkit to boost clean energy investments in small island nations [online].
Available from: https://thecommonwealth.org/media/news/new-toolkit-boost-clean-energy-investments-small-island-nations [Accessed 7.12.2021].

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4.Commonwealth countries should also leverage trade to boost economic growth. 

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4.Commonwealth countries should also leverage trade to boost economic growth. 

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Trade can also offer positive solutions to manage the crisis

and act again as an engine of growth. Maintaining open trade and supply chains is essential to meet the increasing demand for health supplies and vaccines, given the concentration of manufacturing in a few countries. COVID-19 has shown just how vulnerable medical supply chains are when they rely on a small number of manufacturers for raw materials and final products.

Any sort of protectionism and barriers to trade could undermine and delay the global recovery.