PM Hasina for inclusive trade regime among Commonwealth states

Prime Minister Sheikh Hasina on Wednesday called for an open, transparent and inclusive trade regime among Commonwealth states in order to realise the potential of the bloc’s young population. The Prime Minister was addressing an Asian leaders roundtable for the Commonwealth Business Forum at Guild Hall in London, titled “Can Asia Keep Growing?” "Sixty percent of the Commonwealth population is under the age of 30,” Hasina said. “Our people are our biggest assets. The Association must be able to tap the huge pool of talents to drive intra-Commonwealth trade, investment and creative energy.” The PM called on Commonwealth nations to pursue the objectives of increasing growth and creating jobs. “We should ensure that the trade regime remains open, rules-based, transparent, inclusive and fair," she said. Sheikh Hasina said the $600 billion of trade among the 53 Commonwealth member nations accounts for 16% of the world’s Gross Domestic Product (GDP), whereas the 28 countries of the European Union account for 19% of the global GDP. However, Sheikh Hasina said that between 2013 and 2015, Commonwealth countries grew at a combined rate of 4.1% of GDP, compared to only 1.8% in the EU and 2.6% in the United States. The Commonwealth also has a population of over 2 billion people - four times that of the EU. “These figures tell us the huge potential to boost intra-Commonwealth trade and investment,” Hasina said. For leveraging commonalities, she placed some proposals for the member states to promote intra-Commonwealth trade, investment and innovation. She proposed ensuing common investment policies, guidelines, and strategies, including diaspora investment opportunities, improving trade logistics and facilitation measures, and minimising non-tariff barriers. The PM also suggested conducting needs assessments of member states in terms of sectoral and industrial potentials and productivity. The Prime Minister also proposed ensuring liberal trade regimes and open markets for services benefiting individual professionals, and easy movement of bonafide business people under well-vetted schemes. Other proposals included undertaking infrastructure and connectivity projects, the creation of a fund for development, and support for institutions and centres of excellence, including in the SME and blue economy sectors.

Connectivity to create more stable Asian region

Prime Minister Sheikh Hasina also said the established and emerging economic powerhouses of Asia can provide stability, vision and peace as the world faces up to an uncertain future. "In a world where the more stable economies are fast becoming unpredictable, Asian nations can show the way by offering a future that is more secure and visionary," she said. “Prosperity and equality within our borders will bring growth for all and growing together we can create a more peaceful and stable region. “For that, we need to build bridges, strive for connectivity - both hard and soft - and aspire for greater people-to-people exchanges and understanding." Hasina said the economic successes of Asian countries over the past 70 years are considered “‘miracles” by many economists and scholars. This has helped Asia to grow the largest labour forces and some of the biggest markets, and also to tap into the most plentiful deposits of natural resources. However, the Prime Minister said such rapid economic development is also creating inequalities. "We must remain cautious optimists – an attitude true to our Asian spirit. The world is changing rapidly. Digital and social media networks are bringing people together as well as tearing them apart," she said. "Terrorism, conflicts, financial shocks and other emerging challenges threaten stability. We’ve achieved much, but there are enough obstacles and hazards on our way ahead." The PM said the people of Asia will continue to be driven by their “resilience, hard work, talent and optimism”. "Asians have proved time and again that their spirit - combined with cultivated talent – can overcome any challenge,” she said. “We need to train our workforce in the skill sets needed for a future that is digital, research, innovation and technology driven.” Sheikh Hasina stressed the importance of investing more in young people and women in order to overcome the challenges. "We need to be more inclusive in our growth – not just within our nations but across Asian countries.”