First Bilateral Trade Agreement With Japan

Bandar Seri Begawan - The foreign ministers of Brunei Darussalam and Japan have reached an agreement in principle on the main elements of the Brunei-Japan Partnership Agreement (BJEPA) which will enhance cooperation in energy, human resources development and capacity building.

According to a press statement by Brunei's Ministry of Foreign Affairs and Trade, the BJEPA will be Brunei's first bilateral trade agreement and reflects the importance of Japan to the sultanate as a close neighbouring trade partner.

The agreement will be built on strong economic ties and will facilitate the free flow of goods, investment and services. It will also create greater opportunities for the private sector as well as improve access to the Japanese market.

It is also a free trade agreement that aims to remove the tariff barriers and strengthening mutual cooperation between Brunei and Japan.

An outline towards the economic partnership agreement included other vital areas such as trade in goods and services, customs procedures, investment, government procurement, intellectual property rights and competition policy.

The agreement also aims to harmonise regulations regarding investment and services as well as fostering human resources and intellectual exchanges.

The foreign ministers of Brunei and Japan agreed to launch negotiations on the Economic Partnership Agreement on 23rd May 2006, during the fifth Ministerial Meeting for Asia Cooperation Dialogue in Doha, Qatar.

His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, the Sultan and Yang Di-Pertuan of Brunei Darussalam and former Japanese Prime Minister, Junichiro Koizumi previously discussed the bilateral trade agreement when they met at the sidelines of the 11th Asean summit in Kuala Lumpur, Malaysia last year. -- Courtesy of The Brunei Times

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