Brunei Darussalam Free Trade Agreements

Brunei Darussalam sees the Free Trade Agreement (FTA) as an essential part of its foreign trade policy in order to maximize the potential of free and open trade for its people in an ever-globalized world. With a relatively free and open trading system and a small but well-trained workforce, Brunei Darussalam sees the commitment to the free trade agreement as an important step in ensuring that its employees, goods, services and investments continue to have access to wider markets around the world. Full accumulation means that New Zealand inputs can be counted as part of the qualified content for products manufactured and traded between all contracting parties of the CPTPP, making New Zealand materials more attractive to companies in Brunei (and elsewhere in the CPTPP region) who wish to benefit from CPTPP tariff preferences. This improves and enhances opportunities for New Zealand companies to integrate into different regional supply chains. TPP partner countries share a common vision of creating a next-generation comprehensive regional agreement that liberalizes trade and investment and addresses new and traditional trade issues and challenges of the 21st century. Once completed, the TPP will continue to encourage trade and investment between TPP partner countries, encourage innovation, economic growth and development, and support job creation and maintenance. The P4 also has ancillary agreements, namely the environmental cooperation agreement and joint cooperation, to take into account the common desire to promote and promote strong working and environmental practices. These agreements establish mechanisms for ongoing cooperation and dialogue on labour and environmental issues. CPTPP strengthens New Zealand`s trade and investment relationship with Brunei Darussalam, one of our original P4 and AANZFTA partners. The TPP aims to achieve a 21st century multi-lateral free trade agreement that will further liberalize and integrate the economies of the Asia-Pacific region. The TPP includes disciplines, including the environment, public procurement and labour. The scope also includes new “horizontal” issues that have not yet been included in other free trade agreements, such as development, regulatory convergence, competitiveness and so-called enterprises, making the TPP the most comprehensive agreement Brunei Darussalam is currently negotiating.

Once completed, the Brunei Darussalam TPP would provide access to markets such as the United States, Canada, Mexico and Peru, where it is hoped that the TPP will also propose a way to achieve the APEC goal of achieving an “Asia-Pacific Free Trade Area” (FTAAP). BJEPA is Brunei Darussalam`s first bilateral free trade agreement. The agreement was signed on 18 June 2007 by the leaders of Brunei Darussalam and Japan and came into force on 31 July 2008. The agreement aims to improve Brunei Darussalam`s investment climate and promote foreign direct investment (FDI) through greater predictability and transparency. Market access between Brunei Darussalam and Japan is also improved in terms of goods (reducing import duties) and services. The agreement, which characterizes long-standing relations between the two countries, also includes chapters on energy, improving the business environment and cooperation, which will further strengthen bilateral relations with a higher partnership.

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