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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


Alliance for Affordable Internet


Appellate Body


African, Caribbean and Pacific


African Continental Free Trade Area


African Export-Import Bank


Aid for Trade


Artificial Intelligence


Asian Infrastructure Investment Bank


African Medical Supplies Platform


autonomous tariff rate quota


African Union


African Union Commission




Balanced Trade in Statistics


Belt and Road Initiative


Caribbean Community


Caribbean Forum


Caribbean Public Health Agency


Commonwealth Connectivity Agenda


Comprehensive Economic Co-operation and Partnership Agreement


Commonwealth Heads of Government Meeting


Conference of the Parties


Comprehensive and Progressive Agreement for Trans-Pacific Partnership


Canada-USA-Mexico Agreement


Development Assistance Committee


digitally deliverable services


Digital Economic Partnership Agreement


duty-free and quota-free


Department for International Trade


Digital Silk Road


Dispute Settlement Understanding


Everything But Arms


Economist Intelligence Unit


economic partnership agreement


Eastern and Southern Africa


electronically transmitted


European Union


foreign direct investment


Forum Island Country


Forum on China-Africa Co-operation


free trade agreement


General Agreement on Trade in Services


gross domestic product


German Development Corporation


gross national income


Generalised Scheme of Preferences


Global Trade Analysis Project


global value chain


International Chamber of Commerce


information and communication technology


International Finance Corporation


International Labour Organization


International Monetary Fund


Internet of Things


Istanbul Programme of Action


intellectual property rights


information technology


International Trade Centre


International Telecommunication Union


illegal, unreported and unregulated


least developed country


mergers and acquisitions


Ministerial Conference


multinational enterprise


micro, small and medium enterprises


New Development Bank


Organisation of African, Caribbean and Pacific States


Organisation for Economic Co-operation and Development


Organisation of Eastern Caribbean States


original equipment manufacturing


Ordinary Least Squares




Pacific Agreement on Closer Economic Relations


Pacific Humanitarian Pathway for COVID-19


Poisson Pseudo Maximum Likelihood


public stockholding


research and development


Regional Comprehensive Economic Partnership


Rwanda Electronic Single Window


rules of origin


rest of world


regional trade agreement


South Asian Association for Regional Co-operation




Southern African Customs Union


Southern African Customs Union and Mozambique


Sustainable Development Goal


small island developing state


small and medium enterprises


sanitary and phyto-sanitary


sub-Saharan Africa


technical barrier to trade


Trade and Co-operation Agreement


Trade Facilitation Agreement


trade, investment and development co-operation agreement


Trade in Services by Mode of Supply


Trade-Related Aspects of Intellectual Property Rights


United Kingdom


UK-Singapore Free Trade Agreement


United Nations Commission on International Trade Law


United Nations Conference on Trade and Development


United Nations Economic and Social Commission for Asia and the Pacific


United Nations Framework Convention on Climate Change


United Nations World Tourism Organization


United States of America


World Development Indicators


World Economic Forum


World Health Organization


World Intellectual Property Organization


World Integrated Trade Solution


World Trade Organization


World Travel & Tourism Council


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