LONDON, March 9 (Xinhua) -- Trade ministers from the Commonwealth met Thursday in London for an inaugural meeting to discuss increased collaboration on trade.
International Trade Secretary Liam Fox and Minister of State for Trade Policy Lord Price attended the first Commonwealth trade ministers' meeting which brought together politicians, officials and policymakers from over 20 Commonwealth members.
The Commonwealth is seen as a key area for trade expansion once Britain leaves the European Union.
The 52 members in the Commonwealth have a combined population of over 2.4 billion people, around 1 billion of them aged under 25.
The latest figures showed intra-Commonwealth trade has grown faster than the global average over the past 10 years, and is projected to be worth one trillion U.S.dollars a year by 2020.
The two-day meeting in London is the first of its kind, and is jointly convened by the Commonwealth Enterprise and Investment Council (CWEIC) and the Commonwealth Secretariat.
Opening the meeting, Fox said: "This comes at a time where we, in the UK, are at a truly historic moment. Following our referendum on EU membership, and the decision of the British people to forge a different future, our prime minister has set out a vision for a truly 'Global Britain'.
Fox added: "Our 52 Commonwealth members include some of the largest and richest countries on earth, as well as some of the smallest and least developed. While our diversities might make a single trading model difficult, if we work together to communicate the benefits of free trade, while addressing the challenges of globalisation, then we have the opportunity to build a global economy that works for everyone.
"Our diversity is our strength -- we have much to learn from one another, and a vast wealth of experience, knowledge and talent to draw upon. It is the government's intention to make Britain a leader in free trade, working with our friends and allies in the Commonwealth to remove barriers and liberalise the global trading environment," said the official.
"The trade ministers' meeting is an important step towards realizing this vision and I'm looking forward to strengthening foundations today for our trading future."
A spokesman for the British government's Department for International Trade said: "The event will see ministers and representatives from across the Commonwealth consider areas where we can strengthen collaboration by harnessing the 'Commonwealth advantage' to deepen intra-Commonwealth trade and investment."
The meeting follows on from the Commonwealth Business Forum in Malta in November 2015 and provides an opportunity to kick-start an ambitious "Agenda for Growth" ahead of the 2018 Commonwealth Summit in Britain.
Lord Price said: "Looking forward, Britain will lead the charge for a freer and fairer trading system and we want our Commonwealth partners and friends to join with us. That's why we will use this meeting to continue conversations around how to minimize disruption, remove barriers and ensure a win-win approach to our future trading relations."
Current European Union rules prevent Britain from signing new trade deals while it remains a member of the EU. Instead British officials are engaging in preliminary discussions about future trade prospects.
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