Intra – Commonwealth trade is expected to expand by $6.5 trillion in the next five years from the current $13 trillion, as the group seeks to strengthen both trade and investment ties between the 54 member countries.
Figures by the Secretariat show that trade costs within the Commonwealth are on average 21% lower, while investment flows are 27% higher than those between other country pairs.
The combined GDP of its countries is now around $13 trillion and is estimated to reach $19.5 trillion in 2027, with its population standing at over 2.4 billion.
The statistics were made clear at the 2022 Commonwealth Business Forum (CBF 2022) in Kigali. The Forum will address the CHOGM theme – ‘Delivering a Common Future: Connecting, Innovating, Transforming’, with a focus on “A Global Reset”, dealing with the impact of the pandemic and the union’s role in rebuilding and reinvigorating the global economy.