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Borneo Bulletin Yearbook 2019
FOREIGN AFFAIRS
Brunei Darussalam’s participation in the free
trade agreement bilaterally, regionally and
internationally provides citizens and traders
in the country access to larger markets and
increases the attractiveness of the country as an
investment destination.
Former Ministry of Foreign Affairs and Trade
(now known as the Ministry of Foreign Affairs)
is pursuing efforts to promote international
trade, in particular trade facilitation and trade
promotions, as well as to reduce barriers to
trade to enhance growth and further diversify the
economy of Brunei as stipulated in Vision 2035.
One of the recent agreements signed was the
Comprehensive and Progressive Agreement
for Trans-Pacific Partnership (CPTPP) on March
8, 2018 in Santiago, Chile with 10 other
countries, including Australia, Canada, Chile,
Japan, Malaysia, Mexico, New Zealand, Peru,
Singapore and Vietnam.
The agreement will not only open the export
route for local products to a market of 500
million people but will also attract investment
opportunities by taking advantage of this positive
and attractive investment climate.
The CPTPP can provide opportunities for local
companies to establish joint ventures with
outside companies, allowing them to develop
their products and enter the international
market.
Another free trade pact is the Regional
Comprehensive Economic Partnership (RCEP),
the trade accord which includes the 10 members
of the Association of Southeast Asian Nations
(ASEAN), Australia, India, Japan, South Korea,
New Zealand and China.
RCEP negotiations were formally launched
in November 2012 at the ASEAN Summit in
Cambodia. The first RCEP summit was held on
November 14, 2017 in Manila, Philippines. As of
November 2018, the RCEP talks had advanced
to the final stage of negotiations. The free trade
agreement is expected to be signed in 2019.
RCEP is viewed as an alternative to the Trans-
Pacific Partnership (TPP), a proposed trade
agreement which includes several Asian and
American nations but exclude China and India.
In 2017, prospective RCEP member states
accounted for a population of 3.4 billion people