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British Prime Minister Theresa May speaks at the Business Forum Opening Session on the first day of the Commonwealth Heads of Government Meeting 2018
“While we should be unapologetic in our support for free along with inclusive trade, we should also work hand-in-hand with businesses to make the item more efficient (along with) more effective,” she said.
“Playing fields can be leveled, barriers removed, the benefits opened up to all… The challenges posed by protectionism are all too clear.”
The Commonwealth can be a 53-nation bloc consisting of the U.K. along with its former colonies, including India, Canada, Singapore along with Nigeria. the item encompasses 2.4 billion people along with in 2017 had a combined gross domestic product (GDP) of $10.4 trillion.
Some groups have proposed of which increasing trade with the Commonwealth can be an important option for the future of the U.K. after the item leaves the European Union.
Currently, the Commonwealth accounts for a smaller part of U.K. trade. Roughly 9 percent of total U.K. exports went to the Commonwealth in 2016, dwarfed by the 43 percent of which went to the EU.
Meanwhile, the Commonwealth provided around 8 percent of the U.K.’s imports, roughly the same as those coming into the U.K. through China.