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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