His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam attended a session on the sidelines of the 40th and 41st ASEAN Summits in Phnom Penh, Cambodia, to mark the announcement of the substantial conclusion of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Upgrade Negotiations, which is one of Cambodia’s Priority Economic Deliverables (PEDs) for its Chairmanship of ASEAN this year.
His Majesty was joined by Cambodian Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen as the Chair of ASEAN Summit this year, Australian Prime Minister Anthony Albanese and New Zealand Prime Minister Jacinda Ardern.
Brunei Darussalam is the country coordinator for the AANZFTA and its upgrade negotiation which started in 2021. The upgraded AANZFTA will open up new opportunities as new elements have been incorporated into the agreement such as micro, small and medium enterprises (MSMEs) as well as trade and sustainable developments. With the upgrade, the agreement maintains its high standard, responsive towards emerging challenges, takes into account modern trade practices, and remains commercially meaningful to businesses in the region.
The upgraded AANZFTA is also expected to facilitate growth and development of an inclusive and sustainable regional economy.