By Ritah Kemigisa
A new Commonwealth report has revealed that least Developed Countries (LDCs) in the Commonwealth are faring relatively better at global trade than non-Commonwealth LDCs.
According to the report dubbed ‘A new program of action for Commonwealth LDCs’ a significant, significant, and growing ‘Commonwealth advantage’ in trade has driven an increase in exports, helping to build, strengthen and sustain trading relationships between Commonwealth LDCs and other member countries.
The report shows that most of the Least Developed country’s export growth was driven by both the merchandise and services sectors with merchandise trade accounting for 80% of their exports.
Despite the improved performance of services exports during the pre-pandemic period, Commonwealth LDCs still rely heavily on merchandise trade, which accounts for 80% of their exports.
Speaking about the report, the Commonwealth secretary-general, Patricia Scotland says trade can provide a post-pandemic change that supports recovery, especially in the least Developed Countries and the Small States, which have been particularly hard-hit.