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US$345 billion loss in trade for Commonwealth countries due to pandemic

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Sierra Leone Telegraph: 13 July 2021:

Commonwealth countries are estimated to have lost up to US$345 billion worth of trade in 2020, including $60 billion in intra-Commonwealth trade, according to 2021 Commonwealth Trade Review on "Energising Commonwealth Trade in a Digital World: Paths to Recovery Post-COVID".

Released today, the Commonwealth Trade Review provides a timely and comprehensive analysis of the impact of the pandemic on the trade and investment flows of Commonwealth member countries. (Read Report below).

The COVID-19 pandemic has taken a heavy toll globally, substantially impacting all Commonwealth members economies and leading to US$1.15 trillion in foregone gross domestic product (GDP) in just one year. Compared to pre-pandemic growth trends in 2020, Commonwealth economies contracted by approximately 10%.

Most Commonwealth countries also experienced a significant decline in overall Foreign Direct Investment (FDI) inflows in 2020, with a loss of US$153 billion to the Commonwealth.

Given the linkages between trade and investment and the role of FDI in supporting cross-border trade, these disruptions could limit trade prospects for Commonwealth countries.

Speaking ahead of the launch of the report, Rt Hon Patricia Scotland QC, Secretary-General of the Commonwealth said:

"Our member countries can harness the 'Commonwealth advantage' as a post-pandemic tailwind to accelerate recovery - especially small states, which have been particularly hard-hit. We know that trade can offer positive solutions to manage the pandemic and it is an essential factor for building back better. Commonwealth member countries can draw on the mutual support and benefits offered through initiatives such as our Connectivity Agenda, the Commonwealth Blue Charter, our Sustainable Energy Transition Agenda and other areas of our work and cooperation to help boost trade recovery in ways that are more inclusive, resilient and sustainable."

A reassuring finding from the Trade Review is that the Commonwealth trade advantage has remained strong and resilient, and is now estimated at 21 per cent, on average. On the investment side, this advantage has almost tripled since the 2015, to around 27 per cent.
Regional Trends
The economic fallout from COVID-19 varied across Commonwealth regions. The drop is higher for developing Commonwealth countries, where exports have contracted by approximately 10.1%.

In absolute terms, Asian economies suffered the largest decline in exports (at US$146 billion), followed by African ($20 billion), Caribbean ($4.2 billion) and Pacific members (1.3 billion). However, relatively Caribbean Small Island Developing States (SIDS) underwent a greater slump. Their global exports shrank by almost 20 per cent. These SIDS largely rely on the exports of services, particularly travel and tourism, which were hit hard in this pandemic.

For FDI the drop affected all developed and developing countries but to a varying degree, with Australia and Rwanda notably experiencing a 50 per cent decline in inflows compared with the pre-pandemic (2017-2019) average.

Only eight Commonwealth developing countries recorded higher overall FDI inflows in 2020 compared with this previous average. They were The Gambia, Malawi and Sierra Leone in Africa, India in Asia, Belize, Guyana and Trinidad and Tobago among Caribbean SIDS and Papua New Guinea in the Pacific.

The pandemic's disproportionate impact on already vulnerable economies, societies and healthcare systems exacerbates existing challenges to achieving the UN Sustainable Development Goals.
Future prospects and leveraging technology to boost recovery
The changes brought about by the pandemic underline the centrality of technology to all aspects of our lives, from the rapid development of vaccines and 3D printing of medical equipment and devices to e-commerce and the online delivery of services.

Furthermore, the growth of investment in renewable energy is hugely encouraging as Commonwealth members aspire to greener, more regenerative development.

Looking forward, intra-Commonwealth exports are expected to rebound and surpass US$700 billion by 2022. However, FDI inflows to the Commonwealth are expected to decline by 18 per cent in 2021, and a further 7 per cent in 2022. As a result, the total value of FDI inflows to the Commonwealth is expected to decline to US$136 billion in 2022, or a loss of around $220 billion compared with 2019.

While there are still many challenges ahead, the 2021 Commonwealth Trade Review identifies possible pathways to help guide Commonwealth policymakers and businesses towards a more inclusive, sustainable and resilient recovery, especially through digital trade and technologies.

Learn more at trade-review.thecommonwealth.org

Join the virtual launch event and register here.

Read the 2021 Commonwealth Trade Review on "Energising Commonwealth Trade in a Digital World: Paths to Recovery Post-COVID".

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US$345 billion loss in trade for Commonwealth countries due to pandemic

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Sierra Leone Telegraph: 13 July 2021: Commonwealth countries are estimated to have lost up to US$345 billion worth of trade in 2020, including $60 billion in intra-Commonwealth trade, according to 2021 Commonwealth Trade Review on "Energising Commonwealth Trade in a Digital World: Paths to Recovery Post-COVID".

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What's not captured in GDP statistics?

GDP growth, however, is not the whole story when gauging how well economies are doing.

To begin with, some things have a lot of value but are not captured in GDP because no money changes hands. Caring for an elderly relative would be one example of this. As Einstein once said, "Not all that can be counted counts".

GDP also doesn't tell us anything about how evenly income is split across the population. Growth could mean everyone becoming better off or just the richest segment getting even richer. In practice it usually lies somewhere between the two.

Next, it helps to bear in mind changes in the size of the population. If UK GDP rose by 2% next year, but the population grew by 4%, then average income per person would actually have fallen.

Finally, there are things which raise GDP that don't make the country better off. War is one example (a lot of money is spent, so GDP goes up). Or if a large chunk of the Amazon rainforest was cut down in one week, then you'd get a sharp rise in GDP from the sales of timber but at huge environmental cost.

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GDP growth, however, is not the whole story when gauging how well economies are doing. To begin with, some things have a lot of value but are not captured in GDP because no money changes hands. Caring for an elderly relative would be one example of this.

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Chapter 5: Pathways to Post-COVID Trade Recovery and Resilience Building | CS Trade Review

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Trade can offer positive solutions to manage the COVID-19 pandemic, support economic recovery and spur the transition towards more inclusive and sustainable economies. The Commonwealth’s diverse members will face varied opportunities and challenges and follow multiple recovery tracks based on the st…

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Sources of Future Growth - Dr. Gerard Lyons

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Dr. Gerard Lyons is one of the UK’s leading economists. He served as Chief Economist at Standard Chartered Bank before taking on the role of Chief Economic Advisor to British Prime Minister Boris Johnson when he was Mayor of London. He currently serves as Board Member of the Bank of China (UK) and a…

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FEE: Up to £25,000 (incl. VAT and all costs) DURATION: approx. 8 weeks CLOSING DATE: 17:00 BST, 30 April 2021
The Commonwealth is a voluntary association of 54 independent and equal sovereign states. It is home to 2.4 billion people and includes both advanced economies and developing countries. Through the Commonwealth Sustainable Energy Transition (CSET) Agenda, the Commonwealth Secretariat is supporting member countries to accelerate actions for the achievement of Sustainable Development Goal 7 (SDG 7) and the transition to lower carbon energy systems in line with commitments under the 2015 Paris Agreement.

The Project intends to develop three children's books on topics related to the key pillars of the CSET Agenda: Inclusive & Equitable Energy Transitions, Technology and Innovations and Enabling Frameworks.

The preferred consultant should hold the profile below:

Proven experience writing children's books on factual topics;

Experience and familiarity with key issues around environmental sustainability and sustainable energy systems and technologies; and

Demonstrable competence in the technical aspects of book design and production as covered in the project scope/deliverables or evidence of collaboration with competent service provider.

Contractors interested in this work are expected to submit the following through [email protected] by 17:00 BST, 30 April 2021:

a bid letter setting out relevant experience, approach for completing the deliverables and bid price;

A brief technical proposal outlining how the consultancy would be carried out to meet the specific objectives and timeline set out above;

Sample products evidencing competency and expertise

Evaluation will be based on competency, experience, and cost. Priority will be given to consultants that are Commonwealth citizens or entities registered in a Commonwealth country. Examples of previous work may also be submitted.
Terms of Reference

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Commonwealth Sustainable Energy Transitions agenda: Children's Books on Energy Transition

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LOCATION: Home-Based FEE: Up to £25,000 (incl. VAT and all costs) DURATION: approx. 8 weeks CLOSING DATE: 17:00 BST, 30 April 2021 The Commonwealth is a voluntary association of 54 independent and equal sovereign states. It is home to 2.4 billion people and includes both advanced economies and developing countries.

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Suggestion to bolster and booster trade among Commonwealth and G7 countries

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Suggestion to bolster and booster trade among Commonwealth and G7 countries