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With right approach, UK can boost Commonwealth trade post Brexit - ex trade envoy
February 23, 2017 / 3:23 PM / 10 months ago

With right approach, UK can boost Commonwealth trade post Brexit - ex trade envoy

LONDON, Feb 23 (Reuters) - Britain must treat the Commonwealth with humility if it is to make the most of the opportunity to boost post-Brexit trade, the head of a Commonwealth business organisation said ahead of a trade meeting next month with many former British colonies.

Supporters of Britain’s exit from the European Union have said loosening ties with Brussels will provide an opportunity to reinvigorate relationships with the 52-nation, 2.4 billion-citizen Commonwealth, with its ties of history, culture and language.

New Zealand and Australia were among the first to express a desire for a post-Brexit trade deal with Britain. But some resentment still lingers over how ties were cut when Britain joined the EU’s predecessor, the Common Market, in 1973.

Widely conisdered a betrayal at the time, it upended decades of tradition and a host of tariff agreements and Australia was one of the hardest hit countries.

“The Commonwealth is a natural ally if Britain approaches it with a degree of humility - it could be a great opportunity if managed properly,” said Jonathan Marland, chairman of the Commonwealth Enterprise and Investment Council (CWEIC) and a former British trade envoy.

“(Britain) will now need to set about rebuilding these relationships for trade,” he told Reuters.

After last year’s vote to leave the EU, the government is trying to balance Britain’s future relationship with the bloc with its desire to forge new trading links around the world.

The CWEIC, which seeks to promote trade and investment, has organised the first ever meeting of Commonwealth trade ministers in London next month, with 30 set to attend alongside business representatives.

Official data shows the Commonwealth accounted for 47.8 billion pounds of British exports in 2014 compared to almost 230 billion pounds for the EU.

Reporting by Kylie MacLellan and William James; editing by Stephen Addison

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