BANDAR SERI BEGAWAN – Brunei has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), five years after signing the wide-ranging trade deal, which covers a free trade area valued at US$13.5 trillion.
The Ministry of Finance and Economy released a statement Sunday saying the government had deposited its intent to ratify the treaty on May 13.
“The CPTPP will provide trading opportunities to new markets like Canada and Latin American countries such as Chile, Peru and Mexico. Furthermore, the agreement will also enhance Brunei Darussalam’s attractiveness as a destination for foreign direct investments,” the ministry said.
“With its high tariff-rate liberalisation and modern trade rules, the CPTPP ensures trade between members continue to be open, mutually-beneficial and facilitative.”
For Brunei, the agreement will come into force 60 days after the notification was sent to New Zealand, the Depository of CPTPP.
Source: The Scoop
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May 15, 2023
