Since becoming a member of ASEAN and the World Trade Organization (WTO) in 1984 and 1995, Brunei Darussalam has been a firm supporter of the rules-based multilateral trading system, in which free and open trade has remained to be at the heart of the country’s economic diversification strategy, Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah said.

He said this during the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Stakeholder Engagement at the Ministry of Finance and Economy’s Theatre Hall yesterday.

He said, “The commitment towards rules-based multilateral trading system is also in-line with Aspiration 3 of our Economic Blueprint which is our support and commitment towards an open and globally connected economy.

“It is in this spirit that the Sultanate ratified the CPTPP agreement, which eventually entered-into-force on July 12 last year. Our objective is simple – to deliver economic benefits and opportunities for our businesses.”

The minister added, “As we approach Brunei Vision 2035, the country will continue to ramp up its economic diversification efforts through modernising strategies and policies geared towards providing a conducive business environment, especially for micro, small and medium enterprises (MSMEs) and attracting foreign direct investments (FDIs) in strategic sectors.”

For a small economy with a population of just under half a million, he said, “The Sultanate’s participation in free trade agreements (FTA) provides critical opportunities for market access and supply chain integration particularly with like-minded advanced economies.”

Since its signing in 2018, the minister said, “The CPTPP remains to be a FTA of the highest standards, and parties have continued to work very hard to ensure that it maintains its gold standard reputation providing tangible benefits to its stakeholders.”

Having only recently implemented the CPTPP, Dato Seri Setia Dr Awang Haji Mohd Amin Liew noted the positive utilisation of the agreement, particularly in exports to new markets such as in Latin America.

The minister also added, “The possibility is limitless, and with the accession of the United Kingdom, this agreement will only continue to expand and creates more opportunities in the future.”

He also urged local businesses to learn about the CPTPP Agreement, understand how to utilise and benefit from it as well as network with potential partners.

-- Courtesy of Borneo Bulletin