London, 7 June 2023 (TDI): The highly anticipated 2023 Commonwealth Trade Ministers Meeting (CTMM) opened on Monday at Marlborough House in London.
The meeting, held on the 5th and 6th of June, brought together trade ministers from all over the Commonwealth intending to discuss and explore new avenues for economic development, expansion of trade and cooperation.
For the first time, the Commonwealth’s trade ministers have met in person since the beginning of the COVID-19 pandemic.
Under this year’s theme, “Delivering a Common Future: Cooperation for Resilient, Inclusive, Green and Digital Economies,” CTMM aims to foster dialogue, strengthen partnerships, and promote inclusive trade policies that benefit all member countries.
CTMM ‘23 was chaired by Dr. Jean Chrysostome Ngabitsinze, the Minister of Trade and Industry for Rwanda.
While speaking at the opening ceremony, he stated, “Practical and action-oriented commitments should be the outcome of our meeting, noting the tremendous efforts made so far. Commonwealth principles and values must continue to drive our deliberations and commitments, taking bold and ambitious steps to respond to the important mandate given to us by our heads of government.”
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The discussions covered several themes, including the possibilities for trade policy solutions to deal with climate crises, strengthening Digital Trade, support for multilateral trading schemes and deepening business and investment throughout the Commonwealth.
They committed themselves to further deepening cooperation to encourage all Members, particularly developing countries, LDCs, small states and island developing states to take advantage of trade opportunities abroad.
The gathering of trade leaders focused on crafting a path towards greater and more equitable prosperity in the commonwealth, focusing on digital economies, enhanced sustainable practices and empowering technologies.
The meeting provided ministers with a platform to assess progress achieved during the period since the Commonwealth Heads of Government Meeting in 2022, as well as examine opportunities for cooperation on increasing trade within the Commonwealth.
The Commonwealth Trade Ministers Meeting (CTMM) concluded with a significant outcome: the establishment of the Commonwealth Trade and Investment Working Party’s mandate to develop an investment action plan.
The objectives of the plan are to stimulate investments in Member States, with a special focus on infrastructure development and environmental sustainability.
The 2023 CTMM provides a launching pad for the next Commonwealth Heads of Government Meeting in Apia, Samoa, in 2024, where these issues will continue to be addressed and discussed.
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