With a combined population of 2.4 billion people, 60% of whom are under the age of 30, the Commonwealth is the perfect international network for businesses to operate and scale.
When representatives from the 53 Commonwealth countries descended into London, the capital of the 53rd partner, their agenda was clear. The benefits of international business and close cooperation between countries was to be asserted and demonstrated, as a counterweight to the current geopolitical climate in the west with voices calling for protectionist policies.
Patch sees Sterling Media in bright light – it is an award-winning, multi-disciplinary global business and communications consultancy. As the UK looks to the Commonwealth for future business Sterling Media takes a look at the opportunities for businesses within the world’s largest and most populous body of members.
The Commonwealth Factor
With its shared values, regulatory systems and language, the Commonwealth provides a unique international platform which can transcend boundaries and unite members.
As the UK prepares to exit the European Union, the Commonwealth would be the most promising port of call to forge new trade partnerships. Prime Minister Theresa May, who inaugurated the Business Forum was clear in her address to acknowledge how the value of Britain’s exports to fellow members is roughly double than what it was 20 years ago.
Global and Local – The macro impact
Across the Commonwealth and the wider world, countries face common challenges: weak global trade and investment flows; new cross-border security threats; the effects of climate change on small and other vulnerable states; and most importantly the threats to our shared values of democracy, fair governance and inclusivity.
Under the fragility of global growth and the rapid changes in the international business markets, the key to sustaining growth and scaling economy is through close partnerships. With a member network bosting 53 countries, the Commonwealth through a clear charter can evolve into leadership of close cooperation, capable of finding the path and setting the agenda for other countries to emulate.
The full potential – Power of parity
“One of the prime areas that need to be addressed is the current level of gender imbalance,” stated Sterling Media. Gender imbalance is not just a pressing moral and social issue, but a critical economic challenge. Reports suggest that as much as $28 trillion could be added to global GDP by 2025 by advancing women’s equality.
In recognition of the task ahead, UK Prime Minister Theresa May in partnership with the International Trade Centre had announced SheTrades, a program that seeks to provide commonwealth-wide support to help countries break down gender barriers in international trade.