Commonwealth trade has its roots in the historical relationships between Britain and the other members of the Commonwealth when Britain was the world's largest trading nation and provided the market for raw materials and goods from her colonies. The complementary patterns of production, investment and trade that grew under this relationship evolved in different ways as member countries developed and diversified their economies. International payment arrangements, generally with sterling as their common reserve currency, and a pattern of trade considerably influenced by Commonwealth preferences, further extended and developed the relationship.


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