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Brunei ratifies trade deal

James Kon

Brunei Darussalam has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with access to 600 million population and combined gross domestic product (GDP) of USD13.5 trillion, the Ministry of Finance and Economy (MoFE) said.

The ministry statement said the Sultanate has notified New Zealand, the depository of CPTPP, on Saturday and the trade deal will enter into force in 60 days, becoming the country’s 10th free trade agreement (FTA).

The CPTPP is a 11-member agreement signed on March 8, 2018 comprising Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

With high tariff-rate liberalisation and modern trade rules, it ensures trade remains open, mutually-beneficial and facilitative.