Britain hoping for Brexit boost from Commonwealth summit

Britain is hoping this week's Commonwealth summit will prise open greater trade with its historic network as it prepares to quit the European single market under Brexit.

The UK is pouncing on the organisation's analysis showing the advantages of trade between Commonwealth countries due to its common language and legal systems.

But some quarters are warning that Britain's trade with Commonwealth nations lags so far behind that with its European Union neighbours that a straight replacement is impossible.

The 53 member states are gathering for their biennial Commonwealth Heads of Government Meeting (CHOGM), being hosted this year in London.

Born out of the former British empire, the voluntary organisation focuses on development and democracy, but is turning its attention to boosting trade.

Intra-Commonwealth trade is expected to increase by at least 17 per cent to around $700 billion by 2020, according to the 2018 Commonwealth Trade Review.

"Brexit will have wide-ranging economic implications for the UK, the EU and many Commonwealth members," the report says.

"However, there may also be important opportunities for the UK in the post-Brexit period to... negotiate new bilateral trade agreements with interested Commonwealth members."
"The notion that it can pick up the slack when the UK leaves the EU is nonsense."
"Immediate impact combined with wider influence make the Commonwealth an unparallelled force for building understanding and cooperation towards realising global goals for social and political progress, inclusive prosperity, and sustainable development."