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Glossaries

List of figures

Figure 1.1 Commonwealth countries' global exports of goods and services, 2005-2019
Figure 1.2 Evolution of Commonwealth members' exports, by development level and sector, 2005-2019
Figure 1.3 Trade performance and composition of Commonwealth small states' exports, 2005-2019
Figure 1.4 Share of Commonwealth services exports in GDP by region, 2019
Figure 1.5 Leading services exporters and key services sectors, 2019
Figure 1.6 Share of average trade costs between Commonwealth trade partners vs. others, 1995-2018
Figure 1.7 Trends in intra-Commonwealth exports of goods and services, 2005-2019
Figure 1.8 Relative significance of intra-Commonwealth merchandise trade in member countries' total trade, 2017-2019 average
Figure 1.9 Relative significance of intra-Commonwealth services exports in member countries' total services exports, 2017-2019 average
Figure 1.10 Regional distribution of intra-Commonwealth trade, 2010 vs. 2019
Figure 1.11 Share of goods and services exports for leading exporters, by region, 2019
Figure 1.12 Shares of large intra-Commonwealth merchandise traders, 2019
Figure 1.13 Intra-Commonwealth merchandise exports by sector and region, 2019
Figure 1.14 Country shares of intra-Commonwealth services exports and imports, 2019
Figure 1.15 Regional and sectoral distribution of intra-Commonwealth services exports, 2019
Figure 1.16 Growth rate of intra-Commonwealth services exports, 2005-2019 average
Figure 1.17 Servicification of intra-Commonwealth trade over time
Figure 1.18 Commonwealth market share and GDP drop for large export markets (%)
Figure 1.19 Impact of the COVID-19 pandemic on Commonwealth countries' global exports in 2020
Figure 1.20 COVID-19 shock and intra-Commonwealth trade flows in goods and services, 2019 vs. 2020
Figure 1.21 Impact of the pandemic on Commonwealth merchandise exports, December 2019 to December 2020
Figure 1.22 Monthly variation in commodity price indices in 2020
Figure 1.23 COVID-19 impact on services exports of selected Commonwealth countries, 2020 vs. 2019
Figure 1.24 Potential COVID-19 pandemic effects on services trade
Figure 1.25 Trade performance of LDCs during Istanbul Programme of Action
Figure 1.26 Commonwealth's trade prospects in the short to medium term, 2019-2022
Figure 2.1 Commonwealth trade (exports and imports) in ICT goods, 2010-2019
Figure 2.2 Distribution of Commonwealth ICT goods trade (exports and imports), 2010-2019
Figure 2.3 Distribution of intra-Commonwealth trade in ICT goods, 2019
Figure 2.4 Main intra-Commonwealth exporters and importers of digitisable products, 2017-2019 (cumulative)
Figure 2.5 Commonwealth global trade (exports and imports) in ICT services, 2010-2019
Figure 2.6 Commonwealth trade (exports and imports) in digitally deliverable services, 2011-2019
Figure 2.7 Regional shares of total Commonwealth trade (exports and imports) in digitally deliverable services, 2011 and 2019
Figure 2.8 Top 10 Commonwealth countries by value of trade (exports and imports) in digitally deliverable services, average 2017-2019
Figure 2.9 Top 10 Commonwealth countries by value of trade (exports and imports) in digitally deliverable services per 1,000 people, average 2017-2019
Figure 2.10 Commonwealth countries' performance on the 2020 B2C E-Commerce Index
Figure 2.11 Online shoppers as a share of internet users and total population in Commonwealth countries, latest available year between 2017 and 2019
Figure 2.12 Changes in announced greenfield FDI inflows to communications and software and IT services sectors in the Commonwealth, 2019 vs. 2020
Figure 2.13 Trends in India's exports in ICT services and key export markets   
Figure 2.14 Share of the populations of Commonwealth countries using the internet, 2019
Figure 2.15 Affordability and regulation factors affecting access to the internet in the Commonwealth
Figure 3.1 FDI inward stock in the Commonwealth, 2010-2019
Figure 3.2 Distribution of FDI inward stock in the Commonwealth, 2019
Figure 3.3 Total value of FDI inflows into the Commonwealth, 2010-2019
Figure 3.4 Top 10 hosts of bilateral FDI inflows into the Commonwealth, 2017-2019 (cumulative)
Figure 3.5 Intra-Commonwealth FDI instock (US$ billion), 2010-2019
Figure 3.6 Total value of intra-Commonwealth FDI flows, 2010-2019
Figure 3.7 Top 10 investors and hosts of intra-Commonwealth FDI inflows by value, 2017-2019 (cumulative)
Figure 3.8 Aggregate value and share of announced greenfield FDI inflows to the Commonwealth, 2010-2019
Figure 3.9 Sectoral composition of announced intra-Commonwealth greenfield FDI inflows, 2017-2019 (cumulative)
Figure 3.10 Top 10 sources and destinations for intra-Commonwealth greenfield FDI in the renewable energy sector, by value of cumulative capital investment 2010-2019
Figure 3.11 Number and aggregate value of announced intra-Commonwealth greenfield FDI projects by Commonwealth region and quarter, average 2017-2019 vs. 2020
Figure 3.12 Changes in sectoral composition of announced greenfield investment in the Commonwealth, 2017-2019 average vs. 2020
Figure 3.13 Changes in sectoral composition of intra-Commonwealth greenfield FDI, by Commonwealth region, 2017-2019 average vs. 2020
Figure 3.14 Announced Chinese greenfield FDI in the Commonwealth, 2017-2019 average vs. 2020 (US$ million)
Figure 4.1 Average Commonwealth export growth to the USA for tariffed and non-tariffed products
Figure 4.2 TFA implementation by Commonwealth developing countries as of 19 March 2021
Figure 4.3 Share of Commonwealth African members in intra-Africa trade, 2010-2019
Figure 5.1 The Commonwealth's rising trade with China, 2000-2019
Figure 5.2 Share of Commonwealth merchandise and services exports to the UK, 2017-2019 average
Figure 5.3 Potential short- and medium-term impacts on Commonwealth countries' exports, 2021-2025
Figure 5.4 Contribution of tourism to GDP and employment in Commonwealth small states, 2019
Figure 5.5 Commonwealth countries' performance on the Readiness for Frontier Technologies Index, by country and region

List of Tables

Table 1.1 Commonwealth countries' pre-pandemic export profile, 2019
Table 1.2 The Commonwealth effect on trade costs
Table 1.3 Share of goods and services in intra-Commonwealth exports, 2019
Table 1.4 Regional variation in COVID-19 impact on intra-Commonwealth trade (US$ million), 2019 vs. 2020
Table 1.5 Modelling results: COVID-19 effect on Commonwealth countries' merchandise exports (% decrease)
Table 2.1 Commonwealth global and intra-Commonwealth trade (exports and imports) in ICT goods, by level of economic development and region, 2010 and 2019
Table 2.2 Commonwealth global trade (exports and imports) in ICT services, by level of economic development and region, 2010 and 2019
Table 2.3 Intra-Commonwealth ICT services exports, average 2017-2019
Table 2.4 B2C e-commerce sales for selected Commonwealth countries, 2017 and 2018
Table 2.5 Announced greenfield investment in communications and software and IT services
Table 2.6 Broadband costs and tariffs on network equipment in the Commonwealth
Table 3.1 The Commonwealth effect in FDI flows - gravity model results
Table 3.2 Jobs created through announced greenfield FDI in the Commonwealth, 2010-2019
Table 3.3 Top 10 sources and hosts of announced intra-Commonwealth greenfield FDI inflows to Commonwealth members, by cumulative value, 2017-2019
Table 3.4 COVID-19 shock and FDI inflows to Commonwealth countries, average for 2017-2019 vs. 2020
Table 3.5 Job creation and employment intensity of intra-Commonwealth greenfield FDI, by country group, 2017-2019 average vs. 2020
Table 3.6 Sectoral implications of COVID-19 for intra-Commonwealth greenfield FDI, 2017-2019 average vs. 2020
Table 3.7 COVID-19 impacts and future investment prospects for selected sectors
Table 5.1 The significance of the UK sugar market to Commonwealth ACP countries, 2017-2019 average
Table 5.2 Nature of the UK's import regime for Commonwealth countries, March 2021
Table 5.3 DEPA key policy areas
Table 5.4 Policy areas for revitalising Commonwealth trade

List of Boxes

Box 1.1 Trade costs advantage in intra-Commonwealth trade
Box 1.2 Rising servicification trends in Commonwealth developing and developed countries
Box 1.3 COVID-19 and economic contractions in the Commonwealth's largest export markets
Box 1.4 Linkages between COVID-19 infections and merchandise exports in the Commonwealth
Box 1.5 COVID-19 hits garments manufacturing in the Commonwealth
Box 1.6 Commodities exports and COVID-19
Box 1.7 Drop in services exports during the COVID-19 pandemic
Box 1.8 Entrepreneurship, trade and women's economic empowerment
Box 1.9 Switching modes? COVID-19 and the education services exports of Australia and Canada
Box 2.1 What is cross-border digital trade?
Box 2.2 Africa and the digital delivery of creative content
Box 2.3 COVID-19 leads to growth in exports and e-commerce sales
Box 2.4 India's ICT services exports and the pandemic
Box 2.5 Providing internet access in the Commonwealth: what can we learn from the top performers?
Box 3.1 Trade and investment linkages, and broader FDI benefits
Box 3.2 The intra-Commonwealth advantage in investment
Box 3.3 Investors set their sights on renewables in the Commonwealth
Box 3.4 COVID-19 has exacerbated gender imbalances in investment
Box 3.5 China's growing influence on infrastructure investment in the Commonwealth
Box 4.1 Implications of the USA-China trade conflict for Commonwealth countries
Box 4.2 The WTO goes virtual: opportunities and challenges for developing countries
Box 4.3 Trade responses to the pandemic
Box 4.4 Examples of Commonwealth trade facilitation measures in response to COVID-19
Box 4.5 Doha Declaration on TRIPS and Public Health
Box 4.6 The AfCFTA: a game changer for Africa's continental and global trade
Box 4.7 RCEP and trade and investment implications for the Commonwealth
Box 4.8 Towards “Factory Southern Africa”
Box 5.1 Commonwealth trade linkages with China beyond the pandemic
Box 5.2 The UK sugar market: a sweet or sticky deal for the ACP?
Box 5.3 Potential implications of future UK FTAs for Commonwealth countries
Box 5.4 Maldives leads the way in driving tourism recovery and a return to the “old normal”
Box 5.5 Rwanda bets big on digitally led development
Box 5.6 The Digital Economy Partnership Agreement - a model for the future?
Box 5.7 Commonwealth Connectivity Agenda Initiatives 2021

Abbreviations and Acronyms

A4AI

Alliance for Affordable Internet

AB

Appellate Body

ACP

African, Caribbean and Pacific

AfCFTA

African Continental Free Trade Area

Afreximbank

African Export-Import Bank

AfT

Aid for Trade

AI

Artificial Intelligence

AIIB

Asian Infrastructure Investment Bank

AMSP

African Medical Supplies Platform

ATQ

autonomous tariff rate quota

AU

African Union

AUC

African Union Commission

B2C

business-to-consumer

BaTIS

Balanced Trade in Statistics

BRI

Belt and Road Initiative

CARICOM

Caribbean Community

CARIFORUM

Caribbean Forum

CARPHA

Caribbean Public Health Agency

CCA

Commonwealth Connectivity Agenda

CECPA

Comprehensive Economic Co-operation and Partnership Agreement

CHOGM

Commonwealth Heads of Government Meeting

COP

Conference of the Parties

CPTPP

Comprehensive and Progressive Agreement for Trans-Pacific Partnership

CUSMA

Canada-USA-Mexico Agreement

DAC

Development Assistance Committee

DDS

digitally deliverable services

DEPA

Digital Economic Partnership Agreement

DFQF

duty-free and quota-free

DIT

Department for International Trade

DSR

Digital Silk Road

DSU

Dispute Settlement Understanding

EBA

Everything But Arms

EIU

Economist Intelligence Unit

EPA

economic partnership agreement

ESA

Eastern and Southern Africa

ET

electronically transmitted

EU

European Union

FDI

foreign direct investment

FIC

Forum Island Country

FOCAC

Forum on China-Africa Co-operation

FTA

free trade agreement

GATS

General Agreement on Trade in Services

GDP

gross domestic product

GIZ

German Development Corporation

GNI

gross national income

GSP

Generalised Scheme of Preferences

GTAP

Global Trade Analysis Project

GVC

global value chain

ICC

International Chamber of Commerce

ICT

information and communication technology

IFC

International Finance Corporation

ILO

International Labour Organization

IMF

International Monetary Fund

IoT

Internet of Things

IPOA

Istanbul Programme of Action

IPRs

intellectual property rights

IT

information technology

ITC

International Trade Centre

ITU

International Telecommunication Union

IUU

illegal, unreported and unregulated

LDC

least developed country

M&A

mergers and acquisitions

MC

Ministerial Conference

MNE

multinational enterprise

MSMEs

micro, small and medium enterprises

NDB

New Development Bank

OACPS

Organisation of African, Caribbean and Pacific States

OECD

Organisation for Economic Co-operation and Development

OECS

Organisation of Eastern Caribbean States

OEM

original equipment manufacturing

OLS

Ordinary Least Squares

PAAS

platform-as-a-service

PACER

Pacific Agreement on Closer Economic Relations

PHP-C

Pacific Humanitarian Pathway for COVID-19

PPML

Poisson Pseudo Maximum Likelihood

PSH

public stockholding

R&D

research and development

RCEP

Regional Comprehensive Economic Partnership

RESW

Rwanda Electronic Single Window

RoO

rules of origin

RoW

rest of world

RTA

regional trade agreement

SAARC

South Asian Association for Regional Co-operation

SAAS

software-as-a-service

SACU

Southern African Customs Union

SACUM

Southern African Customs Union and Mozambique

SDG

Sustainable Development Goal

SIDS

small island developing state

SMEs

small and medium enterprises

SPS

sanitary and phyto-sanitary

SSA

sub-Saharan Africa

TBT

technical barrier to trade

TCA

Trade and Co-operation Agreement

TFA

Trade Facilitation Agreement

TIDCA

trade, investment and development co-operation agreement

TiSMoS

Trade in Services by Mode of Supply

TRIPS

Trade-Related Aspects of Intellectual Property Rights

UK

United Kingdom

UKSFTA

UK-Singapore Free Trade Agreement

UNCITRAL

United Nations Commission on International Trade Law

UNCTAD

United Nations Conference on Trade and Development

UNESCAP

United Nations Economic and Social Commission for Asia and the Pacific

UNFCCC

United Nations Framework Convention on Climate Change

UNWTO

United Nations World Tourism Organization

USA

United States of America

WDI

World Development Indicators

WEF

World Economic Forum

WHO

World Health Organization

WIPO

World Intellectual Property Organization

WITS

World Integrated Trade Solution

WTO

World Trade Organization

WTTC

World Travel & Tourism Council

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