With a combined population in excess of 2.3 billion, GDP of more than US$10 trillion and an estimated average annual growth of 7.3 per cent for Commonwealth countries over the next five years, intra-Commonwealth trade and investment had the potential for significant growth, Commonwealth Business Forum chairman Adrian Hillman said.

Speaking at the launch of the forum at the Chamber of Commerce, Mr Hillman said that while the Commonwealth was not a natural trade bloc, historical ties and familiar legal, banking and commercial practices made it easier to do business between Commonwealth countries.

“The so-called Commonwealth Factor makes it up to 20 per cent cheaper to do business with another Commonwealth country. As countries seek to secure an export-led recovery from the global financial crisis, the Commonwealth not only provides a powerful international voice for free and fair trade, but also provides access to free and friendly markets,” he said.

Mr Hillman said this was where the Commonwealth Enterprise and Investment Council (CWEIC ) positioned itself.

“The purpose of the council is to promote trade and investment by facilitating engagement between the government and the private sector throughout the Commonwealth.

“It is a values based organisation reflecting the commitments of the Commonwealth Charter.

“Central to CWEIC’s work is the understanding that businesses require a set of values under which trade and investment can take place - transparency, good governance, respect for the rule of law, enforceable physical and intellectual property rights, equal opportunities, a diverse workforce and an overarching understanding that financial probity from government and the private sector is key to a flourishing business environment,” Mr Hillman said.

The forum is being held between November 24 and 26 on the fringes of the Commonwealth Heads of Governments and States Meeting.

Prime Minister Joseph Muscat said Malta should not just look at trade within the Commonwealth but also reach out to the east and south.

Malta, Dr Muscat said, was faring well financially, employment had reached new records, debt was in check and deficit at its lowest.