The Commonwealth: a panacea for the UK’s post-Brexit trade ills?

Brexit and beyond: a Pandora’s Box?

“…The trading history of the UK with respect to the EU and Commonwealth over time are mirrors of each other in that the former's share increased as the latter's declined. But contrary to popular opinion, Commonwealth trade with the UK was declining before the UK acceded to the EEC in 1973, with trade with what became the EU growing to 60% of UK exports by the early 1990s (now accounting for 47%) (Hearne et al, 2019). To examine the prospects for a new Global Britain, the cases of Australia, Canada, India and Nigeria (which account for over 50% of UK exports to the Commonwealth) provide a means of examining the evidence base for the possibility of 'Global Britain 2.0'.…”

“…These relate mainly to tariff and non-tariff barriers, two crucial factors in any trade analysis. The assessment of non-tariff barriers to trade is illuminating in that contrary to popular claims they will not be easily overcome in any future trade negotiations (Hearne et al, 2019).…”

“…This shift continued in the post-war period when pressures for Imperial Preference and Tariffs returned. This was formalised at the Imperial Economics Conference of 1931, following the Great Crash of 1929, that bestowed equal trade status on the imperial territories that later became the Commonwealththe current focus of the 'Global 2.0' post-Brexit project (Hearne, de Ruyter, & Davies, 2019;O'Rourke, 2018). In a sense, Imperial Preference was part of the development of international trading blocs in which trade within rather than between these blocs dominated.…”

“…A comprehensive analysis of the challenges and prospects for future free trade agreements with the Commonwealth, focusing on tariff, non-tariff and rules of origin barriers shows that a 'panacea' for trade ills arising from Brexit through the substitution of Commonwealth trade is highly unlikely (Hearne et al, 2019). The embeddedness of UK trade in the EU for over 40 years has re-shaped the relationship between the UK and the Commonwealth.…”

Brexit, Birmingham and the 2022 Commonwealth Games: an opportunity for regeneration and rejuvenation?

“…The challenge for Birmingham will be to leverage this branding potential at the city level and adequately capitalise on it, particularly given that brand-building is a long term endeavour and evidence that even in the case of Beijing, the 2008 Olympic Games had only a limited impact on the city's brand (Zhang & Zhao, 2009). Moreover, even in the event of significant trade liberalisation, taking advantage of business opportunities in many large Commonwealth markets is likely to be extremely challenging (Hearne et al, 2019).…”