OTTAWA – Boosting trade and attracting investment will be top priorities for Prime Minister Mark Carney this week as he travels to St. John’s, Antigua and Barbuda to take part in the Commonwealth Heads of Government Meeting (CHOGM), from Nov. 2 to 4.
This year’s theme for the biennial meeting is “Accelerating Partnerships and Investment for a Prosperous Commonwealth.”
The government says Canada is looking to deepen its partnerships within the Commonwealth with the goal of creating new economic opportunities.
“In a more dangerous and divided world, Canada is drawing closer to our Commonwealth partners,” said the prime minister in a statement.
“We are turning our shared values into shared strength – expanding trade and deepening climate co-operation to build a safer, more prosperous future for our peoples.”
Canada is the Commonwealth’s second-largest financial contributor and third largest economy, behind only India and the United Kingdon.
His Majesty King Charles III, who is head of the Commonwealth, along with Queen Camilla are expected to attend this year’s event on the small Caribbean Island. King Charles III is set to address the opening ceremony on Tuesday.
In the leadup to the summit, the Commonwealth Secretariat unveiled an investment platform with over 60 “high impact” projects submitted by 20 developing commonwealth countries looking for funding.
The list of “investment-ready projects” is said to represent over $30 billion.
Canada has over $100 billion in trade with Commonwealth countries
A senior government official speaking with reporters on background during a technical briefing for the trip highlighted the economic potential for Canada within the Commonwealth.
“He (the prime minister) has a tremendous opportunity to engage with many other leaders to advance some of the Canadian government priorities, from deepening partnerships to looking at ways to enhance trade and investment ties and to advance trade diversification,” the official said.
The official also pointed to a focus at this year’s summit on delivering results.
“What we can do to advance trade and investment within the Commonwealth countries, especially with smaller countries, to enhance inclusive and sustainable economic development.”
Officials say the prime minister’s discussions with other leaders are expected to address deepening partnership, trade diversification, and investment ties, including with smaller Commonwealth countries.
During the summit the prime minister has also been invited by King Charles III to attend a ceremony for new heads of government to welcome them into the Commonwealth.
‘This is a test’: International trade expert
CTV News spoke with international trade lawyer Barry Appleton about Carney’s upcoming trip to Antigua and Barbuda. He believes it could prove to be a real test for the prime minister.
“This is a test of Canada’s diversification for trade and its middle power strategy,” said Appleton.
“And this is one that Canada can pass. Traditionally, we were exceptionally strong with the Commonwealth.”
Appleton points to Canada shifting trade position over the years, moving closer to the U.S. He believes now could be an opportunity for Canada to move back towards the Commonwealth.
“In some ways - it is a test of the new Carney foreign policy - working with other states with the U.S. not present,” he said.
“For Canada, the real opportunity at CHOGM is to move deals already on the table, with India, Southeast Asia and the U.K. and to modernize a one-way Caribbean preference program that the region has found hard to use.”
