Commonwealth members eye big push to benefit from Brexit

LONDON: Patricia Scotland, secretary-general of the Commonwealth, wants to ‘turbo-charge’ efforts to increase trade advantages for its 53 member countries following

LONDON: Patricia Scotland, secretary-general of the Commonwealth, wants to ‘turbo-charge’ efforts to increase trade advantages for its 53 member countries following Britain’s decision to leave the European Union (EU) in the June 23 referendum.

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Giving evidence to the International Relations Committee of the House of Lords, Scotland said Brexit was causing “real concern” and anxiety in Commonwealth countries which had become used to having a strong voice in the EU through Britain, Malta and Cyprus.

In her written statement to the committee, she stressed that a slowdown in the British economy and uncertainties in both Britain and the EU will be felt by members who are trade-dependent or linked to the pound.

However, she told the Lords that she was “hugely positive” about the commercial and economic opportunities within the Commonwealth.

India is a frontline member of the Commonwealth.

“Much more energy, if that’s possible, will go into enriching the Commonwealth relationship and looking to see how we can strengthen that which we were already doing,” she said.

A major 2015 report of the Commonwealth Secretariat showed that bilateral trade costs between member-countries are on average around a fifth lower — or 19% — than between other trading partners.