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Q3. Elevator Pitch: Suggestions for Commonwealth and G7 countries to boost trade and share prosperity 

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Q3. Elevator Pitch: Suggestions for Commonwealth and G7 countries to boost trade and share prosperity 

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Good morning Mr Jonson,

I am sorry if I disturb you, but I would like to share with you, my personal opinion about the trade situation in developed and developing countries […] I suggest that in order to develop the trade and share prosperity G7 and the commonwealth countries should take into consideration a few priorities:

·       These countries should consider acting collectively as champions of the -leave no one behind agenda.

·       Reduce the costs and risks of trade and investment. Make trade more inclusive for women, young people and small and medium-sized enterprises.

·       Support transparent and competitive digital markets making it easier for businesses to trade with countries across the globe. Commonwealth countries should prioritise investment in the digital economy to successfully integrate into global value chains and take advantage of their
young populations

However, Greater focus should be on creating green jobs integrating women and young people that make use of trade preferences in new industries and build up new disaster-resilient infrastructure.

Thank you,

Have a nice day!!

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COVID-19 has impacted goods trade through both supply and demand shocks. Quarantines, lockdowns, social distancing and high levels of uncertainty have led
to a significant drop in demand for goods and services, with GVCs transmitting the economic shock to upstream supplier countries (Escaith and Khorana, 2021). For example, reduced consumer demand and supply shocks have hit garment manufacturers and workers in the Commonwealth, especially in Bangladesh and Lesotho.
Reference:
Escaith, H., S. Khorana, J. MacGregor, B. Vickers and S. Ali (2021) “The Potential Impact of COVID-19 on Commonwealth Trade, Recovery and Resilience”. Trade Hot Topic 161. London: Commonwealth Secretariat.

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International trade is highly responsive to changes in market size. COVID-19 has constrained economic growth in the Commonwealth’s major export markets, adversely affecting demand for goods and services. Apart from China, the other major destinations for Commonwealth exports recorded significant contractions in GDP in 2020. The protracted pandemic, coupled with an ongoing deep recession, not only has adversely affected short-term export demand but also portends serious challenges for a quick trade recovery in both Commonwealth developed and developing countries in 2021. Aside from these direct implications for trade
in goods and services, a reduction in growth in these major economies could have several indirect knock-on effects for Commonwealth developing members, including through reduced Aid for Trade and highly vulnerable small states. (Commonwealth Secretariat, 2021)
Reference:
Commonwealth Secretariat, (2021) Energising Commonwealth trade in a Digital World. [online] Available at:https://trade-review.thecommonwealth.org/assets/pdf/ctr-2021.pdf Accessed 31/12/21

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The sources of future growth including from the Commonwealth advantage. Trade prospects. 

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The sources of future growth including from the Commonwealth advantage. Trade prospects. 

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Some federal countries may need monetary assistance to provide medical care to workers in other emerging countries. By investing in sectors such as e-commerce, IT, cybersecurity, healthcare, and biotechnology, the company can boost both itsbusiness and the budget and, as a consequence, promote trade between the Commonwealth. Government care is also wanted for the forthcoming growth of federal domestic and foreign trade. Governments need to abandon some limitations, strategies, and guidelines to support multinational trade. The banking sector also helps facilitate trade by minimalizing interest charges on credits. If banks diminish lending rates, businesses will rise further and the Commonwealth will be backed by world trade.
Prospects

Members have adopted an Action Plan to guide discussions and work in five inclusive clusters concerning physical, digital, supply side, regulatory and business-to-business connectivity.

Countries should identify practical ways to benefit from the rising servicification trend in most Commonwealth countries and the relatively large share of services in intra-Commonwealth exports.

Revive the tourism and travel sector in small countries.

Digital trade development.

Increase sustainable green and blue economy. (Sneader and Singhal, 2021)

Reference:
Commonwealth Secretariat, (2021) Energising Commonwealth trade in a Digital World. [online] Available at:https://trade-review.thecommonwealth.org/assets/pdf/ctr-2021.pdf Accessed 31/12/
Sneader, K. and S. Singhal (2021) “The New Normal Arrives: Trends That Will Define 2021 – and Beyond”. McKinsey and Company

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The Commonwealth of Nations, which relies heavily on fuel, agricultural material, and mineral exports, was the country most hit by Covid19. The United Kingdom, Australia, China, the European Union, and the United States import 55% of these goods into only these five countries. However, the request for these raw materials is affected by Covid 19, which has led to a plunge in prices for these raw materials, primarily fuel values. Federal trade has been hit harder than world exports, as some of the chief intra-federal trade in India, the UK, South Africa & Singapore has been hit by recession and numerous Covid 19 contaminations. India & Singapore's GDP has also declined by 5%. The second-largest marketplace for federal exports is the European Union, which has contracted by 5%.
Reference:
The Commonwealth Trade Review (2021) Energising Commonwealth trade in a digital world [online] Available at: https://thecommonwealth.org/media/news/us345-billion-loss-trade-commonwealth-countries-due-pandemic Accessed at 23/12/21

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By April 2021, 19 million people had been infected and 2 million had died in the Commonwealth of Nations. 32% of the world's population belongs to the Commonwealth countries, which is the reason for the adverse effects of the disease on domestic and world trade in the Commonwealth nations. Covid19 had a serious impact on trade among the Commonwealths as it affected both source & demand chains. This will affect the Commonwealth economy. The gross domestic product also termed as (GDP) of the 44 federal economies distorted by $ 1.45 trillion in a time (Khorana et al., 2021).

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Q1. Impact of COVID-19 on Commonwealth countries’ global and intra-Commonwealth goods and services exports, and what are the prospects for trade recovery?

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Q1. Impact of COVID-19 on Commonwealth countries’ global and intra-Commonwealth goods and services exports, and what are the prospects for trade recovery?

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The Federation is a large group of 54 nations. This includes nations from the east shore of New Zealand to the western Caribbean Sea & South America. Six of these nations are under development, of which 48 are at various stages of economic growth.This is the initial time that world trade has distorted after the 2019 crisis, and the motive for this was the Covid 19 pandemic.