Promoting trade with the Commonwealth

A debate will be held on promoting trade with the Commonwealth to in Westminster Hall on Wednesday 22 February at 2.30pm. The subject for debate has been chosen by Jake Berry MP.

Background

In March 2017, the UK will co-host the inaugural Commonwealth Trade Ministers Meeting. The objective will be to reaffirm the commitment of Commonwealth member countries to a “transparent free and fair multilateral trading system,” and to define an ambitious Commonwealth led “Agenda for Growth”, supporting the target of increasing intra-Commonwealth trade to US$1 trillion by 2020.

Trade statistics

In 2015, UK exports of goods and services to the Commonwealth were £47.4 billion (9.2% of total UK exports).

In the same year, UK imports from the Commonwealth were £45.5 billion (8.3% of total UK imports).

UK exports to the Commonwealth peaked at £54.7 billion in 2011 before falling to £47.4 billion in 2015.

UK imports from the Commonwealth peaked at £52.0 billion in 2011 before falling to £45.5 billion in 2015.

The UK’s trade is heavily focussed on a small number of 51 Commonwealth countries – Australia, Canada, India, Singapore and South Africa accounted for 70% of UK exports to Commonwealth countries and 65% of UK imports from the Commonwealth in 2015.