CAS co-hosts Commonwealth Day

The NTU-SBF Centre for African Studies co-hosted the Commonwealth Day at the Nanyang Executive Centre this month in collaboration with the Royal Commonwealth Society of Singapore (RCS). Centre Director Amit Jain participated in a panel discussion which centred on the Commonwealth Investment Action Plan (CIAP). The plan  was launched last year at the Commonwealth Heads of Government Meeting (CHOGM) in Samoa aimed at boosting trade and investments within the Commonwealth group of nations. He drew attention to some of the top development priorities of African states and outlined the peculiar challenges of climate change and competitiveness faced by small and small island nation states that have been prioritised under the CIAP.

Lucy Hughes, Deputy British High Commissioner to Singapore, delivering the welcome address.

Dr Anthony Yee, Chair of the Board of Governors, Royal Commonwealth Society.

Nearly half of all African countries—28 nations—are under ‘debt distress’ grappling with significant macroeconomic stability challenges. They face high inflation rates, often exacerbated by global commodity price volatility and supply-chain disruptions. Currency depreciation remains a pressing issue, leading to increased costs for imports and further straining household budgets. Public debt levels have soared, constraining the state’s ability to invest in critical infrastructure and social services. Moreover, many of these economies are characterised by a lack of diversification, heavily relying on primary exports such as minerals and agricultural products, which makes them vulnerable to external shocks. Mr Jain, identified affordable finance, as the single most important impediment the Commonwealth could help Africa overcome noting that the group includes top global financial centres such as London and Singapore.

The Commonwealth is a voluntary association of 56 independent and equal sovereign states. It spans Asia, Africa, the Caribbean, Europe, and the Pacific and is home to a third of the world’s population (2.5 billion). With 21 states, Africa constitutes the single largest continental grouping within the Commonwealth. Although it is mostly composed of those who were once part of the British colonial empire some, like Mozambique and Rwanda, joined subsequently for the intangible benefits of being part of a larger grouping of English-speaking countries. While the Commonwealth is not a trading bloc thanks in part to inherited common laws and customs the cost of moving goods and services between member states is said to be on average 21% lower than with those outside.

The panel was moderated by Dr Joel Ng, Head of the Centre for Multilateral Studies at the S Rajaratnam School of International Studies (RSIS) and included Dr Deborah Elms Executive Director of the Asian Trade Centre. The event was supported by the British High Commission and sponsored by donors. The welcome address was delivered by Lucy Hughes, Deputy British High Commissioner to Singapore and Dr Anthony Yee, Chair of the Board of Governors, RCS gave an overview of a the Commonwealth essay writing competition.