b'2. The Commonwealth 2.1. A brief description of GDP There are 53 countries in the Commonwealth,This trade with the Commonwealth played with a total population of some 2.2 billion.a major role in the UKs recovery from depression in the 1930s.9When the UK surrendered its power to negotiate trade deals to the EU TradeThese agreements allowed the UK to Commissioner in 1975, it also had toenjoy low food prices. Their surrender had renounce long-standing trade agreementsprofound economic effects at the time both with Commonwealth countriesthe Ottawaon us and on our Commonwealth friends, in Agreements. Known as Imperial Preferenceparticular New Zealand. when signed in 1932, these agreements provided mutual tariff and other concessionsEU membership drastically raised UK food between the UK and, initially, the self-prices, as the UK had to apply the Common governing Dominions (Canada, SouthExternal Tariff to agricultural productsfrom Africa, Australia and New Zealand) and,countries with which we then had trade later, colonies such as India: in short, theagreements. The table below illustrates Commonwealth.how this increase in food prices affected disproportionatelythe less well off in the UK.The Ottawa Agreements were, in effect, comprehensive trade deals to reduce tariffs on agricultural products imported by the UK, while lowering tariffs on UK-manufactured goods. 159'