Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, December 17, 2018 10:03:58 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Brexit Britain looks to Commonwealth

By
10th-Apr-2018       
Comments
Share your thought
Post a comment »
Read all () »

Benjamin Fox :
That may still be a fantasy, but Theresa May's government sees the organisation, which includes Australia, Canada, Ghana, India, Nigeria, Pakistan and Singapore, as a launch pad for negotiating bilateral trade agreements and has earmarked six Commonwealth members as priorities for renewed incentives to promote trade and investment.
Athletes are currently competing in the Commonwealth Games in Australia's Gold Coast, but politicians will not have long to wait for their own version.
At least 30 heads of state or government from the Commonwealth's 53 member states are expected to attend the Commonwealth Heads of Government Meeting (CHOGM) in London between 16-20 April. Commonwealth officials hope Brexit will help fuel a new wave of interest in the organisation from London. Australia, Canada and New Zealand have been among the most enthusiastic to form a new free trade agreement with the UK after it leaves the EU.
Ahead of the summit, Foreign Minister Boris Johnson said that the Commonwealth's combined GDP of $10.5 trillion, accounting for almost 14% of the global economy.
Its economies have expanded by an average of 4.4% a year since the UK decided to join the EU in 1972, he added.
The UK's Department for International Trade is over-stretched, making significant progress on new trade agreements with African countries before its Brexit transition period ends in December 2020 unlikely, but EURACTIV understands that it hopes to eventually offer more generous terms and access to the UK market than the EU EPAs.
However, the UK is currently in the process of attempting to roll over the EU's existing trade deals, a handful of which cover Commonwealth countries, several of whom believe that they have sufficient leverage to force the UK to make concessions.
"Some of the demands we'll probably hear about will be on things like agriculture quotas, such as quotas for their orange-sellers," says Sam Lowe of the Centre for European Reform, of South Africa's likely demands.
Britain has already promised to double the current export credit finance for trade and investment with South Africa to £3.5 billion.
South Africa is critical of the EU's Economic Partnership Agreements (EPAs) with African regional blocs and expects Britain, once outside the EU, to offer better terms. Pretoria's Trade and Industry Minister Rob Davies has suggested, albeit jokingly, that once Britain leaves the EU, it could apply to join the Southern Africa Development Community (SADC).
In a report published Thursday (5 April), MPs on the Foreign Affairs committee called on the government to set out its "long-term vision for the UK's relationship with the Commonwealth, and clarify what the 52 other members can expect from a 'Global Britain'".
The UK will assume the Commonwealth Chair-in-Office until 2020 at the summit.
"It is imperative that it begins with clear aims for what the UK wants to achieve by the end of its tenure in 2020, with a credible strategy, specific objectives and metrics for success," the Committee stated.
"The UK helped to shape this organisation but it has neglected it in recent years," said Committee chairman Tom Tugendhat.
There are still voices of caution. Sceptical UK officials have dubbed the idea of a Commonwealth revival 'Empire 2.0', and any hint of a return to the colonial era will ruffle feathers, particularly of African countries.
While it is keen to begin talks on a pact with the UK, India has suggested that the process could take seven years.
Others point out that while most of its members speak English, in economic terms the Commonwealth is a fraction of the size of the EU market. Forty-two percent of the UK's exports went to the EU in 2017, compared to around 7% for the ten largest Commonwealth markets.
"Greece is bigger than New Zealand. Banging on about a free trade deal with New Zealand is going to make zero difference to Britain's future in terms of trade," former Treasury minister and Goldman Sachs banker Jim O'Neill told The Times last month.
-EURACTIV.com

Tariff
Add Rate

News Archive

Inside The New Nation

Cricket »

Sri Lanka 275-9 at stumps on day 1, 1st Test vs New Zealand


AP, New Zealand :Tim Southee took 5-67 as New Zealand exploited an influential toss to contain Sri Lanka to 275-9 Saturday on the first day of the first cricket Test at the Basin Reserve.A late unbeaten half century by wicketkeeper Niroshan Dickwella helped swing the day a little in Sri ...

Football »

Salah retains BBC African Footballer of the Year award


Liverpool and Egypt striker Mohamed Salah has capped a sparkling 2018 for club and country by winning the prestigious BBC African Footballer of the Year Award for the second time in a row."It's a great feeling to win again. I'm happy and I would like to win it also next ...

Entertainment »

Soundarya Sharma is going to have an exceptional time this festive season


Actress Soundarya Sharma who made her stellar debut in Ranchi Diaries, a Comedy thriller film, and got a thumbs up from the critics and audience and awarded as the ‘Best Debutante’ at Jharkhand international film festival 2018. She was nominated for the ‘Best Female Debutante’ by Zee Cine Awards 2018 ...

Entertainment »

Ishana in four plays under same director’s direction


Sheikh Arif Bulbon :Popular TV actress of present time Ishana Khan has worked in four faction plays under same director's direction. She has finished shooting of these four plays under Satirtho Rahman Rubel’s direction. Shooting of these plays took place in Darjeeling from November last week to December first week. ...

Editorial »

No room for self-satisfaction, success needed in other fields too


THE nation celebrates the 48th Victory Day today amid festivity. Today, the nation will remember its glorious historical achievement earned through a nine-month war against Pakistan Occupation Forces in 1971. The nation will recall today, Bangladesh was born as an independent country under the leadership of Father of the Nation ...

International »

Australia recognises west Jerusalem as capital of Israel


Australia now recognises west Jerusalem as Israel's capital, Prime Minister Scott Morrison said Saturday, but a contentious embassy shift from Tel Aviv will not occur until a peace settlement is achieved.Canberra became one of just a few governments around the world to follow US President Donald Trump's lead and recognise ...

International »

Trump taps budget head Mulvaney as acting chief of staff


Donald Trump announced Friday that his budget director Mick Mulvaney will step in as acting chief of staff to replace John Kelly - amid indications the president is struggling to fill the key post.Trump, whose presidency is increasingly embroiled in legal troubles, announced earlier this month that Kelly, a former ...

City »

BNP candidate of Dhaka-8 constituency Mirza Abbas speaking at a prèss conference at his residence in the city on Saturday in protest against attack on his electioneering in the city's Segunbagicha area.


Entertainment »

Mim`s new movie Thai Curry


Sheikh Arif Bulbon :End of this year is becoming something new for the National Film Award winner actress Bidya Sinha Saha Mim. At the end of this year, she has started shooting of a new movie. Now she is staying in Bangkok to take part in shooting of the movie. ...

Business & Economy »

In presence of Mohammed Monirul Moula, AMD of Islami Bank Bangladesh Limited, Abu Reza Md. Yeahia, DMD of the Bank and Dr. M. Easin Ali, Chairman of Dhaka City Physiotherapy Hospital, exchanging an agreement signing document at the Banks head office in the city on Wednesday. Under the deal, VISA and Khidmah Card holders of the Bank will get attractive discount in treatment services of the Hospital. Top officials from both the organizations were also present.


.

Cricket »

Malinga named captain for ODI, T20I series against New Zealand


Sri Lanka pacer Lasith Malinga, who until recently was out of favour with the selectors, has been appointed as the captain for the upcoming ODI and T20I series against New Zealand. He replaces Dinesh Chandimal, who led the side in the recently concluded ODI series and Thisara Perera, who captained ...

International »

US Senate votes to end support for Saudi-led Yemen war, blasts crown prince


The US Senate dealt President Donald Trump a double blow over Saudi Arabia on Thursday, approving a resolution to end US military support for Riyadh's war in Yemen, and another holding the Saudi crown prince responsible for the murder of Jamal Khashoggi.Though largely symbolic, the two bipartisan measures deliver a ...

International »

Islamic State not defeated, just transforming: Experts


Even as the last pockets of resistance in eastern Syria hold their ground, the Islamic State group is shapeshifting into a new, but no less dangerous, underground form, experts warn.Also known as ISIS, or the Islamic State in Iraq and Syria, the group had long been ready to cede the ...

Editorial »

Time to avail the golden opportunity to explore Japan`s rich market


BANGLADESH wants to explore the potentials of sending skilled workers to Japan as the country is likely to open its job market for foreign workers. The matter is likely to be raised at Foreign Secretary-level talks scheduled to be held on December 17 in Tokyo.Foreign Secretary M Shahidul Haque and ...

Editorial »

Involve the youths in decision making process


A RECENT survey rightly indicated that unified and quality education system for all is imperative to turn today's youth into skilled manpower for future Bangladesh. Ahead of the 11th National Election, the survey findings clearly echoed the youth voice who emphasised meritorious teacher recruitment at primary school to tertiary level ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news