Brunei Free Trade Agreements
The P4 also contains ancillary agreements, namely the Environmental Cooperation Agreement and the Memorandum of Understanding on Cooperation in the Field of Labour Cooperation, to reflect the common desire to promote and promote sound labour and environmental practices. These agreements create mechanisms for ongoing cooperation and dialogue on labour and environmental issues. Total two-way trade amounted to $13 million between June 2018 and New Zealand`s services exports to Brunei accounted for more than half of that amount. Brunei Darussalam views free trade agreements (FTAs) as an essential part of its foreign trade policy to maximize the potential of free and open trade for its people in an ever-globalizing world. However, the CPTPP rules of origin take into account the concept of total cumulation, so that the processing carried out in the parties to the CPTPP can be set off against the achievement of the threshold of customs origin. The BJEPA is Brunei Darussalam`s first bilateral free trade agreement. The agreement was signed on 18 June 2007 by the Heads of State and Government of Brune, Darussalam and Japan, and entered 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 will also be improved for goods (through reduced import duties) and services. The agreement marks the long-standing relations between the two countries and also contains chapters on energy, improving the business environment and cooperation, which will help further strengthen bilateral relations into a greater partnership.
The TPP aims to achieve a plurilateral “twenty-first century” free trade agreement that will further liberalize and integrate the economies of the Asia-Pacific region. The TPP covers disciplines in areas such as the environment, public procurement and labour. The scope also includes new “cross-cutting themes” that were not included in other free trade agreements such as development, regulatory coherence, competitiveness and state-owned enterprises, making the TPP the most comprehensive agreement brunei Darussalam is currently negotiating. Following the TPP, Brunei Darussalam would provide access to markets such as the United States, Canada, Mexico and Peru, where it is also hoped that the TPP will be a path to the final achievement of APEC`s goal of establishing an “Asia-Pacific Free Trade Area” (FTAAP). TPP partner countries share the common vision of concluding a comprehensive regional agreement of the next generation, which liberalizes trade and investment and addresses new and traditional trade issues and challenges of the twenty-first century. . . .