It’s time for a Commonwealth Free Trade Agreement

by Wyzdom McCalla-Rodol

The International Trade climate is changing.In Canada, we are learning that we can no longer depend heavily on our closest neighbour, the United States, as they mock our sovereignty and threaten seismic tariffs under President Trump’s leadership. Canada will need to look for other trading partners as the U.S. will pursue a less interdependent route. We should look no further than our allies in the Commonwealth.

It’s no secret that I would love to see cheaper Jamaican products in Canada, but I believe there are many more compelling reasons for the Commonwealth to pursue a free trade agreement amongst member states.

We have unresolved business

Commonwealth nations are faced with many challenges that need resolutions – fast.

Human trafficking and gender-based violence are killing our women, the world’s temperature is rising, climate change is disproportionately affecting our small states, inflation is destabilizing our markets, and we have tensions due to the lack of conversation on reparations for slavery and the lack of remorse for the mistreatment of Indigenous peoples. These issues are not unique to any one Commonwealth state, they plague us all.

The Commonwealth is meant to be a forum where we try to find resolutions for major challenges. Trade agreements are a great opportunity to lay out all the issues and negotiate solutions that promote advancement, growth, and security for all signatories. It might take a generation to negotiate because of our sheer size, but it’s in our best interest to start the conversation in an increasingly protectionist world.

We have the capacity

The Commonwealth of Nations is more than remnants of colonialism and the British Empire, we are a collective of 56 independent and equal nation-states; primed to take on global challenges.

We are a network of world leaders and young leaders who have been building bridges for 75 years and are well-equipped to give the Commonwealth Secretariat an expanded mandate for moderating negotiations, initiating trade missions, and establishing a court for the adjudication of trade disputes.

The combined GDP of the Commonwealth countries is projected to rise to $20 trillion by 2029. We are home to over 2.7 billion people, which is about a third of the world’s population. The Commonwealth’s countries account for 20% of the world’s GDP and 26% of its GDP growth over the past decade. In 2022, intra-Commonwealth trade reached a record-breaking $854 billion and is expected to surpass $1 trillion by 2026. Foreign direct investment (FDI) flows between Commonwealth countries reached $172 billion in 2022

We must take leadership

The objectives of development, democracy, and peace will not be met if we remain complacent. If we strike the right balance, a Commonwealth Free Trade Agreement would promote economic growth, multilateralism, environmental protection, and combat inequities. The future is ours to build, it’s time to build deeper ties through free and fair trade.