But it is also fair to say that the Commonwealth's important contribution to international life, and the enduring place that it holds in Australia's global priorities, has been undervalued. Almost forty years later, the world has changed in many remarkable ways, but the words of Menzies continue to ring true. From Australia's point of view, the meeting was very successful and helped advance our regional and global interests in practical ways. The Commonwealth's greatest strength over the years has been its capacity to respond flexibly to new circumstances and meet the changing needs of its members. One of the most influential trends facing Commonwealth and non-Commonwealth nations alike is globalisation.
Globalisation is here to stay.
It is offering huge opportunities for economies that are internationally competitive, just as it challenges economies which are not. It blurs the division between foreign and domestic policies, and it increases competitive pressures in markets. Globalisation is helping break down barriers to trade and investment, and is underpinned by extraordinary technological change bringing the world closer together. It is makes us all neighbours. But not all countries have benefited to the same degree.