Peters said: "I can see what the problems might be with the politics, but if you see the positive side of it as a chance to broadcast, demonstrate and project Britain's image in terms of medicines and health, you can turn a negative very quickly into a serious positive. That is where it will work."
But he ruled out Commonwealth nations paying for a new yacht, saying: "In terms of value for your brand, you will get your money back. In these Covid-19 troubled economic times, I don't think taking the hat around the Commonwealth is a very good idea."
Peters said he was optimistic for the UK as it leaves the European Union at the end of this year, adding: "When you look at it, in the end the EU still needs Britain, needs them seriously.
"But it enables the UK... not in its economics but in terms of its political reach to be globalist. Those are the facts. This is a chance to reconnect with some serious emerging economies, and the EU connection would not have allowed that."
The Commonwealth had a real chance to step up and became a framework for global trade among its members, he said, adding: "I believe so – when countries like India get to understand as an emerging economy of 1.4 billion people that it is in their interests to be part of a wider association, it gives us great leverage to facilitate the opportunities and strengths of different sectors in all of our countries.
"We will do better by all doing better trade together."
The Royal Yacht Britannia, now a visitor attraction in Edinburgh, was controversially decommissioned in 1997.
The Telegraph has been campaigning for a new privately-funded replacement for the past four years.
A secret naval design for a £100m new Britannia was drawn up by naval staff at the time and approved by representatives of the Royal Family, but the Labour Government refused to pay for it.
