On 5th October 2015, Brunei Darussalam along with Australia, Canada, Chile, Japan, Mexico, Malaysia, New Zealand, Peru, Singapore, the United States of America, and Viet Nam formally announced the successful conclusion of the Trans-Pacific Partnership (TPP) negotiations in Atlanta, Georgia, USA.
The TPP is a high-quality and comprehensive regional free trade agreement (FTA) that will set the stage for 21st century trade and investment rules in the Asia Pacific region, and create a market comprising of 800 million people with a combined GDP of US$30 trillion, an estimate of 40% of the global GDP once ratified. The TPP evolved from the Trans-Pacific Strategic Economic Partnership (TPSEP/P4), an FTA between Brunei Darussalam, Chile, New Zealand and Singapore, which entered into force in 2006.
As Brunei Darussalam's future relies on its success as a trading nation, the Government of Brunei Darussalam sees its participation in the TPP of significant importance that will drive national economic development, ensuring that our nation can continue to prosper in the future.
Brunei Darussalam's total trade with TPP countries comprises an average of 64% of its overall trade. In 2014, this amounted to BN$10 billion. These figures signifies the importance of these markets to Brunei's economy which stands to further benefit from an increase in trade and investment flows as a result of the TPP.
The bigger market access will benefit domestic companies that are already exporting, and provides opportunities for those looking to do so.
At the same time, greater predictability and transparency of trade and investment regime will provide confidence to investors, and complements efforts to lower the cost of doing business for a more conducive business environment in Brunei Darussalam.
These policy efforts will enhance Brunei Darussalam's overall competitiveness and will therefore attract quality foreign direct investment (FDI) that will drive our economic growth and diversification.
The Ministry of Foreign Affairs and Trade has made the texts of the TPP Agreement available on its website www.mofat.gov.bn/pages/tpp.aspx.