Radio Television Brunei
Free Trade Agreement
6 March 2011
Yang Berhormat Dato Paduka Haji Idris stated that Brunei Darussalam has joined several Free Trade Agreements or FTAs, which bring benefits such as the exemption of import tax to relevant countries and threw open opportunities for export markets.
Besides oil and gas, Yang Berhormat asked how many opportunities from the FTA agreements are of benefit to local entrepreneurs.
In response, the Second Minister of Foreign Affairs and Trade, Yang Berhormat Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng, explained that asides regional F.T.As, the country has also joined the Free Trade Agreement of ’Trans-Pacific Partnership’ and more.
The F.T.A. paves the way for a much wider market like ASEAN with more than 500 million consumers and when considered with China, the market is of more than 1.8 billion people. The agreement reduces or eliminates import taxes and trade barriers which together lend to more competitive prices for exported local products. Local entrepreneurs have been exporting their products to partners like Korea, China, India and ASEAN. The increase in trade can be seen before and after the FTA have been enforced. The minister explained that export include timber, light beverages and methanol. The FTA also ease business processes, particularly in the Standard Customs Procedure.