The Commonwealth forms a diverse group of 53 countries including developed, developing and the least developed countries (LDCs).
These markets offer a wide range of opportunities to Finnish businesses in all sectors - from agriculture to Information Technology.
Commonwealth countries trade over US$ 4 trillion worth of goods annually
The Commonwealth hosts more than 200,000 listed companies
Approximately 24 million new jobs in the Commonwealth countries by 2020
Finnpartnership provides support for business activities in 42 out of 53 Commonwealth countries.
The British & Commonwealth Chamber of Commerce in Finland supports its members in entering the Commonwealth market via the UK, which is particularly well placed to prosper in Commonwealth markets and has trade agreements with most of the regional trade groups. Your UK subsidiary company will have preferential trade access to the Commonwealth member countries.
It has been estimated that business costs are 10% to 15% lower for Commonwealth countries trading with one another compared with Commonwealth countries trading with non-Commonwealth countries of comparable size and GDP. It is further estimated that shared language, legal and accounting systems can reduce trading costs by up to 20% for British businesses.
The Commonwealth is also a growing market. Exports to India from the UK are increasing by 9% a year, to Canada 18% and to Australia 31%. Most Commonwealth countries are net importers with net imports averaging 11% of GDP.
Commonwealth member nations’ working populations are projected to increase to 2050, compared with some major European countries including Germany and Italy, where working populations will age and shrink. As the Eurozone stagnates, the Commonwealth nations provide the UK with a much needed vibrant and growing export market, in which UK traders enjoy more advantages than their competitors.