Trade within the Commonwealth is focus of seminar at Secretariat’s headquarters

The benefits of and issues impacting on trade between Commonwealth countries will be discussed at a seminar taking place at the Commonwealth Secretariat’s headquarters in London on 30 September.

This event is being organised by The Worshipful Company of World Traders and the Institute of Directors City of London Branch.

The meeting follows a recent speech given by Commonwealth Secretary-General Kamalesh Sharma on the fringes of the UN Security Council in which he spoke about the importance of trade to small island developing states. These countries, 26 of which are Commonwealth member countries, face human, financial and institutional resource constraints, he told a high level review.

Mr Sharma also used his speech in New York to stress the need for a “consensus on development-oriented international trade rules, and ways to let small states bring their goods and services to larger markets.”

The Commonwealth Secretary-General is one of a number of speakers at the trade seminar in London this Thursday. Other speakers include Lord Howell, Minister of State at the Foreign and Commonwealth Office in the UK; Alderman Nick Anstee, The Lord Mayor of the City of London; and Michael Wren, Master of The Worshipful Company of World Traders, a City livery company.

Also speaking is Patricia Francis, Executive Director of the International Trade Centre based in Geneva. Ms Francis is a member of the Eminent Persons Group (EPG), a new Commonwealth expert body which is tasked with helping to reform and renew the association. The EPG will report to Commonwealth Heads of Government at their next meeting, which is taking place in Perth, Australia, next October.

New statistical research on trade within the Commonwealth, supported by the World Traders Company and conducted by the Royal Commonwealth Society (RCS) – the oldest and largest civil society organisation devoted to the Commonwealth – will be revealed at this event by RCS Director, Dr Danny Sriskandarajah.

Those attending the seminar will also hear a proposal for establishing a Commonwealth Development Bank.

“The initial concept of the Bank is to provide something that is uniquely Commonwealth, and which will be worthy of meaningful support from throughout the Commonwealth, with the well established countries working with the developing countries in productive partnerships to encourage development and economic activity,” Subbir Sikder, founder of The London Bank, will say. The London Bank will specialise in infrastructure finance and micro-banking when it begins operations in 2011.

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