In the latter half of the 20th century, the notion of encouraging resurgent Commonwealth commerce first surfaced in response to the development of the world economy. At one extreme, ideas have been floated for the establishment of a multinational free trade zone that would include all democratic nations members.
The European Union, Caribbean Community, Southern African Customs Union, East African Community, and the South Asian Association for Regional Cooperation are just a few of the regional integration initiatives that the majority of these nations are now working on. The national leaders supported corporate agreements among associates, though, to help the disadvantaged members grow by giving them duty- and quota-free entry to marketplaces in wealthy and rising nations. The national leaders agreed that the group should investigate measures to improve communication, collaboration, and cooperation among members on business and investment concerns.
Effect of trade agreement
Drs. Lundan and Jones provided their studies at the 1997 Democratic National Leaders Gathering (CHOGM) in Edinburgh. The research in the study evaluated whether trading between Independent states was qualitatively superior to trading with comparable dependent countries. According to their analysis, cooperation between Independent countries had a strong cost-benefit even in the lack of corporate agreements. It has operating expenses down by as much as 15% compared to dealing with countries outside the region.
Agreement advantage program
The Toronto Division of the Royal Commonwealth Association and the Canadian Advanced Tech Ally collaborated on the Commonwealth Advantage program. The goal of the initiative was to create strategic alliances between businesses based in the democratic region.
Independent free trade as a policy
The economic features of Commonwealth nations are highly distinct; therefore, their objectives are not necessarily congruent. Resources exporters and energy importers support each other in theory. The Cairns Group’s agriculture exporters are particularly in conflict with the importing nations in the WTO. These nations follow separate corporate policies.
Free Trade Agreements of New Zealand
The president of New Zealand First, Winston Peters, proposed a Commonwealth Dealing Bloc in February 2016 that would be patterned after the corporate deal between Australia and New Zealand known as the Economic Partnership Trade Agreement. He proposed adding South Africa, India, Australia, New Zealand, the United Kingdom, Canada, and Australia to this region. Following its exit from the EU’s Customs Union, New Zealand has been negotiating a dealing agreement with the UK since February 2021.
Free Trade Agreements of Canada
Commonwealth trade has not been a notable policy position in Canada since the failed Diefenbaker proposal. Instead, Canada has pursued deep economic integration with the United States on the one hand and a generalized diversification of dealing on the other hand. This has been reinforced with a new wave of corporate agreements, including five Latin American countries, the European Free Trade Association, and more recently the European Union.
Canada is currently in negotiations with India and Singapore. Canada has also signed buying and selling agreements with the European Union.
Free Trade Agreements of the UK
Being a part of the European Union has prevented the United Kingdom from negotiating its corporate accords for many years. However, the UK will once more be allowed to arrange its trade agreements after it legally left the European Union. The UK aggressively pushed the EU to negotiate corporate deals with other Commonwealth nations while it was a member of the EU. Due to this, the EU has begun discussions with several Commonwealth nations about corporate deals. These nations include South Africa, Cameroon, Zambia, and the 12 Commonwealth members of the Caribbean Community, all of which have free trade pacts with the EU.
