Brunei To Join In P-4 Negotiations With US
By James Kon

Bandar Seri Begawan - Brunei Darussalam will be among the four Asia Pacific countries that the United States is set to begin negotiations on investment and financial services this coming March.

According to a press release from the United States Embassy in Brunei Darussalam, US trade Representative Susan C Schwab has announced that the United States will join negotiations on investment and financial services set to begin in March among Singapore, Chile, New Zealand and Brunei Darussalam known as the "P-4" Group of Countries.

The four countries have negotiated their own Free Trade Agreement (FTA), the Trans-Pacific Strategic Economic Partnership, based largely on the United States' FTA with Singapore and Chile. While the Trans-Pacific Strategic Economic Partnership Agreement came into force in year 2006, the investment and financial services chapters still remain to be negotiated.

The Asia Pacific region is a key driver of global economic growth, representing nearly 60 per cent of global GCP and around 50 per cent of international trade.

Investment flows between the United States and the Asia Pacific countries are substantial. US direct investment in the region totalled $774 billion in year 2006, which is higher by 10 per cent over 2005. While Asia Pacific foreign direct investment in the United States totalled $424 billion, an increase of eight per cent over year 2005.

"We see these investment and financial services negotiations as an opportunity to further our engagement with countries committed to high standard trade agreement," said Schwab.

"This initiative also will provide another opportunity for the United States to participate in the regional trade architecture that is emerging in the vitally important Asia Pacific region."

As it begins investment and financial services negotiations with the P-4 countries, the United States will also begin a detailed exploratory process to determine whether it should participate in the full Trans-Pacific Strategic Economic Partnership. -- Courtesy of Borneo Bulletin

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