Brunei’s trading relationships with other countries that have other countries that have helped strengthen its economy is discussed in this article
The Brunei-Japan Economic Partnership Agreement (BJEPA)
Brunei Darussalam’s first bilateral free trade deal is the Brunei-Japan Economic Partnership Agreement (BJEPA). On June 18, 2007, in Tokyo, His Majesty the Sultan of Brunei Darussalam and then-Prime Minister of Japan, Shinzo Abe, signed the BJEPA. Trade-in Goods; Rules of Origin; Trade-in Services; Investment, Energy, Cooperation; Improvement of Business Environment, Custom Procedures; General Provisions; Final Provisions; and Dispute Settlement are among the 11 chapters of the agreement. Brunei and Japan’s relations have progressed to a new level with the signing of the BJEPA, particularly in the commercial arena. The BJEPA aims to expand Brunei’s market prospects in goods and services while also attracting greater investment. The following are some of the other advantages of the Agreement:
1) Increasing predictability and transparency to improve the investment climate and encourage foreign direct investment (FDI);
2) Increased access to the market for Brunei Darussalam goods and service providers;
3) Import tariffs on both countries’ products will be reduced, resulting in an increase in high-quality imports as well as cheaper imports of Japanese manufactured goods for Brunei Darussalam customers, and vice versa.
4) Japan’s help and experience in improving Brunei Darussalam’s capacity and skills in areas such as human resource development, the environment, education, and industry;
5) Increased face-to-face interactions.
Brunei – Australia
Brunei Darussalam and Australia have a strong and long-standing partnership based on defense, trade, and education. In 2021, Brunei will be the Chair of the Association of Southeast Asian Nations (ASEAN).
Since Brunei’s full independence from the United Kingdom in 1984, Australia has maintained a diplomatic representation in the country. However, our historical ties date back to 1945, when Australian forces landed at Muara Beach as part of the Allied operation to free Borneo during World War II. His Royal Highness Prince Mohamed Bolkiah, Brunei’s then-Foreign Minister, consented in June 2005 to an Australian request to create a permanent memorial to commemorate the 1945 landings.
Brunei and Australia share a desire for a free and open trading system. They are both signatories to the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Agreement, as well as the Regional Comprehensive Economic Partnership (RCEP) (not yet in force) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) (CPTPP). The CPTPP has yet to be ratified by Brunei.
In March 2020, Australia and Brunei joined Canada, Chile, Myanmar, New Zealand, and Singapore in signing a joint ministerial declaration vowing to preserve open and integrated supply chains as part of their collective response to COVID-19’s economic implications.
Brunei – China
In 2013, the People’s Republic of China and the Sultanate of Brunei Darussalam strengthened their cordial interactions and cooperation in a variety of fields, bringing their bilateral relations to a new level.
The two countries exchanged high-level delegations regularly. Premier Li Keqiang visited Brunei in October for an official visit and met with His Majesty Sultan Hassanal Bolkiah. The two sides released a Joint Statement Between the People’s Republic of China and Brunei Darussalam during his visit. They decided to boost cooperation in areas such as politics, economics, and trade, as well as energy, infrastructure, agriculture, fisheries, military, education, and culture. Foreign Minister Wang Yi conducted a state visit to Brunei in May.
In all sectors, exchange and cooperation were increased. The Humanitarian Assistance and Disaster Relief and Military Medicine Exercise, as well as the second ASEAN Defense Ministers’ Meeting-Plus and the Brunei International Defence Exhibition, were all actively supported by China. The help effort for Brunei by Chinese young volunteers is progressing smoothly. Brunei hosted the art troupe “Cultures of China, Festival of Spring.”
The advancement of regional cooperation has been actively pursued. China actively supported Brunei’s ASEAN chairmanship and worked with countries in the region, including Brunei, to expand practical cooperation on economy and trade, investment, connectivity, maritime issues, and people-to-people exchanges, as well as to pursue new and significant progress in China-ASEAN relations and East Asia cooperation.
