The Commonwealth thus displays a clear and shared vision to strengthen economic cooperation between its members and promote fairer and more sustainable global trade.
A Historic Meeting in Windhoek
Trade ministers from the 56 Commonwealth member countries gathered in Windhoek, Namibia, for a decisive ministerial meeting that resulted in a shared agreement known as the “Windhoek Agreement.” This meeting, held for the first time on the African continent, marks a major turning point for economic integration within the Commonwealth.
Ambitious Goals for Intra-Commonwealth Trade
The primary objective agreed upon by the ministers is to increase the volume of intra-Commonwealth trade to 2 trillion USD by 2030. This ambition reflects a collective commitment to promoting a more equitable, inclusive, and sustainable global trade system by strengthening investment, digitalization, sustainable energy, and economic resilience.
Concrete Initiatives and Enhanced Cooperation
Key decisions include the creation of a Trade and Investment Working Group and the launch of an Exchange Network to facilitate cooperation among members. These initiatives aim to address challenges related to trade and investment, support the multilateral trading system, and encourage a digital transition within Commonwealth economies.
A Framework for the Commonwealth’s Economic Future
The ministerial meeting was accompanied by the first Commonwealth Business Forum, bringing together policymakers, investors, and financial institutions. This highlighted the importance of close collaboration between the public and private sectors to achieve the set objectives. Commonwealth Secretary-General Shirley Ayorkor Botchwey emphasized the need to stay united to preserve progress and turn these ambitions into concrete actions.
The Role of New Members and Diversifying Partnerships
Togo, a recent Commonwealth member since June 2022, was represented at the meeting by its Minister of Trade, Kodjo Adedze, who expressed his country’s desire to fully integrate into this common dynamic. He stressed the importance of diversifying economic partnerships, adding value to local raw materials, and benefiting from Commonwealth programs for economic and trade development.
Looking Ahead to the 2024 Summit
This meeting sets the stage for the upcoming Commonwealth Heads of Government Meeting, scheduled for 2024 in Apia, Samoa, where trade and economic issues will be further explored. The Commonwealth thus presents a clear and shared vision to strengthen economic cooperation among its members and promote a fairer, more sustainable global trade system.
