Smoke exhaust gas emissions from cargo lagre ship ,Marine diesel enginse exhaust gas from combustion.[FILE]
Across the world, the economic uncertainty of the past few years has served as a stark reminder that, for better or for worse, all our lives are subject to shifts in the global economy.
Whether because of Trump’s tariffs, energy price shocks as a result of the war in Ukraine, or the long-run impact of the Covid-19 pandemic; billions of lives around the world have been shaped by events that took place thousands of miles away from them.
We cannot ignore the fact that we live in uncertain times. Yet, beyond the world’s largest economies, it’s often difficult to know how countries should navigate these headwinds.
Follow The Standard
channel
on WhatsApp
In times like these, it’s more important than ever for the world’s small, medium-sized and developing economies to work together more closely.
Just like any good business knows that diversifying partnerships creates greater resilience against shocks, the same logic holds true for countries that might not be setting the global economic agenda, but who certainly need to adapt it.
That’s true for my country, the UK – and it’s equally true for Kenya, a country which is rightly recognised as one of Africa’s leading economic lights. Fortunately, both countries share a secret weapon, namely membership of the Commonwealth.
A voluntary association of 56 countries, home to a collective 2.7 billion people, with a combined GDP of more than $13 trillion(Sh168.6 trillion) – what’s not to like? The Commonwealth plays host to some of the world’s most exciting and dynamic economies, combining rising stars like Kenya and India with established players like Canada, Australia, and the UK.
What’s more, thanks to shared legal, linguistic and regulatory foundations, trade costs between Commonwealth businesses are 21 per cent lower.
Trade corridors
The common law legal system, shared by most Commonwealth member states, provides legal certainty and makes it easier for Commonwealth businesses to work with one another.
For Kenyan businesses looking to scale up and export, the Commonwealth offers a ready-made, trusted rules-based network. Strengthening these links allows businesses to diversify, reducing their reliance on volatile trade corridors and building more resilient value chains.
This is why I’m visiting Kenya, alongside neighbouring countries, to promote the enormous opportunities that the Commonwealth presents. The Commonwealth Enterprise and Investment Council (CWEIC) is the Commonwealth’s business organisation, working to drive trade and investment between the Commonwealth’s 56 member states.
We connect Kenyan businesses to governments, investors and major corporates across the Commonwealth network, helping them to access new markets, identify strategic partnerships and position themselves for global expansion.
We also work to showcase Kenyan opportunities to international investors through curated trade missions and high-level forums, unlocking interest in priority sectors such as agriculture, manufacturing, the digital economy, and healthcare.
Stay informed. Subscribe to our newsletter
The news of Kenya’s incredible energy and dynamism is beginning to reach the rest of the world – but there is still more work to be done. This is one of Africa’s most exciting economies, a place with incredible potential that businesses and investors across the Commonwealth should be looking at more closely.
At the same time, for Kenya, the Commonwealth offers near-unlimited possibilities for partnerships, as well as deep and trusted capital reserves.
It’s often said that you can never really understand a country without visiting it; I could not agree more. Whenever I visit Kenya, I’m always struck by the ingenuity and determination of the people that I meet.
Whether it’s people working hard to get a business off the ground, or established players working to scale up; Kenya’s people are the country’s greatest asset. For the mutual benefit of all involved, I am more confident than ever before that key players across the Commonwealth should be paying attention to what’s happening in Kenya.
Global economic uncertainty is unlikely to disappear any time soon. Countries like the United States and China, and blocs like the European Union, are increasingly working to onshore production. Often, this will mean shutting out businesses from small and medium-sized economies, including Kenya.
Just earlier this year, more than 180,000 jobs were at stake as a result of planned Trump tariffs on Kenya.
In that context, closer Commonwealth ties are an indispensable path of how we can build resilience, diversify partnerships and prepare better to navigate future shocks.
As we look forward to an uncertain future, our greatest asset may come in the form of old friends.
The writer is the Deputy Chairman of the Commonwealth Enterprise and Investment Council and previously served as UK Minister of State for Foreign and Commonwealth Affairs.
Follow The Standard
channel
on WhatsApp
