Beyond the Pandemic: Commonwealth Trade and Investment Prospects

By June 2022, it will be nearly two and a half years since the outbreak of COVID-19. The impact of the pandemic on global trade and investment flows, including among the Commonwealth’s 54 member countries, is now becoming clearer. The trade collapse in 2020 was deeper than previously estimated (Commonwealth Secretariat, 2021). Collectively, Commonwealth countries’ exports fell by US$475 billion compared to 2019 and included an almost $100 billion drop in intra-Commonwealth trade. This was the result of economic recession in several major markets and severe disruptions to production and supply chains. Global trade rebounded in 2021 as many developed countries started to reopen their economies, facilitated by national vaccination efforts and stimulus spending. However, most developing and low-income countries lack equitable and affordable access to vaccines and other vital medical supplies, delaying recovery efforts.