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Boost For Brunei-Japan EPA
By M K Anwar

Bandar Seri Begawan - His Royal Highness Prince Mohamed Bolkiah, Minister of Foreign Affairs and Trade, will be attending the Inaugural Meeting of the Joint Committee under the Brunei-Japan Economic Partnership Agreement (BJEPA).

His Royal Highness and Her Royal Highness Pengiran Anak Isteri Pengiran Anak Hajah Zariah yesterday morning left the country for Tokyo, Japan.

The BJEPA is aimed at increasing new market opportunities for Brunei in trade in gOods and services as well as attracting more investment into Brunei.

The Agreement was signed by His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam and then Prime Minister of Japan, Shinzo Abe, on June 18 last year in Tokyo.

It was Brunei's first bilateral trade agreement and reflected the importance of Japan to Brunei Darussalam as a close neighbour and trading partner. The agreement was also the first in which Japan successfully included energy provisions.

Japan is one of the biggest markets for Brunei's liquefied natural gas with more than US$2 billion worth of gas supplied to Japan in 2005 alone.

The BJEPA is aimed at enhancing economic exchanges and at the same time harmonise regulations on investments and services while at the same time provide greater opportunities for the Brunei private sector and improve access to the Japanese market.

His Majesty shortly after signing it last year said that the agreement consolidates more than 30 years of extremely valuable cooperation between the two countries and it should open up even greater opportunities to further develop these important ties.

It was reported that under the BJEPA, import tariffs for Japanese automobiles and auto parts will be scrapped by Brunei within three years after the agreement takes effect.

Japan on the other hand will be scrapping tariffs on Brunei agricultural and fishery products. Furthermore, within 10 years,.both countries are expected to scrap tariffs for almost all the goods traded between the two countries.

Altogether there are 11 chapters in the agreement covering Trade in Goods; Rules of Origin; Trade in Services; Investment, Energy, Cooperation; Improvement of Business Environment, Custom Procedures; General Provisions; Final Provisions; and Dispute Settlement.

In the joint statement, His Majesty and the Japanese Prime Minister were convinced that the BJEPA would serve as a main vehicle by facilitating the free flow of goods, services and investments, improving' the overall business environment for the private sectors between the two countries.

Adding more importance to the BJEPA is the deepening ties in tourism, education and human resource development, information and communications technology, science and technology as well as the environment.

The Japanese Government Scholarship Programmes, Japan-East Asia Network of Exchange for Students and Youths (JENESYS) Programme and Academic Exchange (medical science) between Kagawa University and University of Brunei Darussalam are among the projects that have been implemented and initiated as a result of the BJEPA. -- Courtesy of Borneo Bulletin

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