Since joining ASEAN in 1984 and the World Trade Organisation (WTO) in 1995, Brunei Darussalam has been a steadfast advocate of the rules-based multilateral trading system, with free and open trade being central to the country’s economic diversification strategy.
This commitment aligns with Aspiration 3 of Brunei’s Economic Blueprint, emphasising support, and dedication towards an “Open and Globally Connected Economy.”
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, highlighted Brunei’s dedication to the rules-based multilateral trading system during his remarks at the CPTPP Stakeholder Engagement held at the Ministry of Finance and Economy’s Theater Hall on Wednesday.
He stated, “It is in this spirit that Brunei Darussalam ratified the CPTPP Agreement, which came into force on July 12, 2023. Our objective is simple – to deliver economic benefits and opportunities for our businesses.”
The Minister further explained, “As we approach Brunei Vision 2035, Brunei Darussalam will continue to enhance its economic diversification efforts through modernising strategies and policies aimed at providing a conducive business environment, particularly for Micro, Small, and Medium Enterprises (MSMEs), and attracting Foreign Direct Investments (FDI) in strategic sectors.”
For a small economy with a population of just under half a million people, he shared, “Brunei Darussalam’s participation in Free Trade Agreements offers critical opportunities for market access and supply chain integration, especially with like-minded advanced economies such as those in the CPTPP.”
Since its signing in 2018, Dato Seri Setia Dr Awang Haji Mohd Amin Liew reiterated, “The CPTPP remains a Free Trade Agreement of the highest standards, and Parties have continued to work diligently to maintain its gold standard reputation, providing tangible benefits to all stakeholders.” – JAMES KON
