Lord Marland, the Chairman of the Commonwealth Enterprise and Investment Council (CWEIC), has said that the current tariff war being unleashed by the United States of America against the rest of the world is a great opportunity for the Commonwealth trade, which has 56 member nations.
Lord Marland stated this during his recent visit to Nigeria for a meeting with CWEIC Nigeria strategic partners, top Nigerian businesses and government officials.
Marland noted that the tariff war is a great opportunity for Commonwealth trade because it was made up of 56 nations that speak a common language with a fairly similar trade outlook.
According to him, “Suddenly you have one of the biggest consumers in the world putting tariffs on that trade so that it is no longer free trade.
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“It gives a great opportunity for those who support free trade. And that is why people will turn and look to their friends, many of them in Commonwealth countries, for trading.”
Marland further pointed out that The Bahamas is currently keen for direct trade links with Nigeria and Ghana.
“We will facilitate their introductions so that they can buy direct from Nigeria rather than going through the United States of America,” he said.
He added that Canada is looking for new markets and renewing friendships.
He also gave credit to African Governments for expanding free trade with the establishment of the African Continental Free Trade Area (AfCFTA).
“The first thing that I say is the amazing speed AfCFTA was signed. It is a great credit to the African nations that they cooperated so quickly to sign that agreement.
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“AfCFTA is the way that trade has got to go. If you believe in free trade, you have to commit to it.
“But it is for the members of AfCFTA to really make sure that happens because this is their opportunity now to build relationships with a whole lot of other countries flying the flag of free trades.
“Free trade has shown through history that it has lifted people out of poverty. That it is a boost to the economies; that it has created and sustained a transparent society for business.
“And that is why it can be very important for Africa to push hard to ensure that the barriers to trade are reduced and relationships are established very strongly with those that believe in that concept,” Lord Marland said.
