At the same time, we have to be mindful that the countries within this group are at various stages of economic development, ranging from poor developing nations with annual per capita incomes of about US Dollars 160 to very wealthy industrialized nations with per capita incomes of about US Dollars 36,000. Hence, although we may, in general, say that we derive our strength through diversity, we still have to take serious note that the great disparity in living standards is an issue that needs to be uppermost in our minds if we are to move forward in harmony and brotherhood. In that context, I think it is very appropriate that, this year, the Commonwealth Finance Ministers have decided to focus on several dimensions and options that impact on this issue, which is borne out of the fact that they have selected “Agenda for growth and livelihood”, as this year’s theme for the meeting. Your Excellencies, Distinguished Delegates, In order to critically examine the issue of wealth disparity in perspective, let us take our minds back to the Commonwealth Heads of Government meeting in Singapore in the year 1971. At that meeting, the declaration of Commonwealth Principles was adopted. These Principles acknowledged that wide disparities in wealth existed between different sections of mankind. The Heads of Government also acknowledged that such disparities were too great to be tolerated and that such disparities would create world tension. Accordingly, the Commonwealth resolved to work towards the progressive reduction of these disparities.

The same declaration undertook to steer the group’s efforts to overcome poverty, ignorance and disease, as well as to raise standards of life and achieve a more equitable international society. 20 years later, in 1991, the Harare Declaration was issued. This declaration conceded that many Commonwealth countries were still poor and that they faced acute problems, including excessive population growth, continuation of poverty, debt burdens and environmental degradation. At the same time, it was acknowledged that while disparities among members appeared to have worsened, some favourable results were also being achieved. For example, despite the widening economic gap, many nations had been able to establish better democratic processes, good administrative frameworks, more independent judiciaries, keener respect for human, fundamental and labour rights, and several other social successes. Those were of course significant achievements, and we should all be proud that we have been able to create such conditions in our countries. Notwithstanding those gains as noted in 1991, and the many subsequent successes, we may still have to admit that our collective efforts to address one of the fundamental Principles of the Singapore Declaration, namely, that of addressing the issue of income disparity, has been, by and large, unsuccessful. Today, 35 years after the Singapore Declaration, it is actually becoming even more acute, and consequently, we need to respond to that widening gap appropriately, urgently. Your Excellencies, Distinguished Guests, As we all know, countries that are affluent today were not affluent at some point in time in their history.