Reviewing Brunei Darussalam's APEC Progress

Brunei Darussalam's progress towards achieving its APEC free trade and investment goals have been reviewed by and independent expert.

The "IAP Peer Review Report of the Brunei Darussalam" is a review of the implementation of Brunei Darussalam's Individual Action Plan (IAP) to achieve APEC's free trade and investment goals.

Compiled by Independent Expert, Dr. Tze-Wei Chen, Assistant Professor of the Graduate Institute of Translation and Interpretation at the National Taiwan Norman University, the report covers thirteen specific issue areas relating to the realization of APEC's goals.
Dr. Chen noted in the report that in relation to tariff issues Brunei is making progress.

"In sum, it might be concluded that Brunei Darussalam's progress in the tariff issue of 2004 IAP is cumulatively substantial," Dr. Chen said in the report.

"The path from the current standing towards the full realization of the Bogor Goal might involve further deliberations of certain fundamental principles and ideologies.

"According to information verified during the in-economy visit, Brunei Darussalam's perception of "free and open trade" is eliminating all tariffs. With this spirit, Brunei Darussalam appears to be moving towards this goal.

"Currently 79% of Brunei Darussalam's import tariff lines, or 5,130 out of 6,489 lines, are already at zero and the average applied rate is lower than 2%."

The report also noted the Brunei Economic Development Board's strategy to kick-start Brunei Darussalam's economic diversification and create at least 6,000 new permanent jobs by 2008.

The strategy includes accessing and attracting investment to develop downstream and manufacturing industries and the development of foreign direct investment clusters with growth potential for Brunei Darussalam.

The four priority areas identified by the government in this strategy cover business services, financial services, hospitality and tourism, and transportation services.

Excerpts from each of the thirteen areas of assessment are now available by clicking here. The full report will be available on the e-IAP website once it has been presented to APEC Senior Officials in Seoul on March 4.

IAPs serve as a roadmap for APEC economies to achieve the Bogor Goals of free and open trade and investment in the APEC region. Agreed in Bogor, Indonesia, in 1994, the target for achieving the Bogor Goals is 2010 for industrialized economies and 2020 for developing economies.

Seven APEC Member Economies are having their IAPs' reviewed at the current round of APEC meetings in Korea. This process involves a presentation by the Independent Expert to a meeting of Member Economies followed by an opportunity for these economies to question the economy under review on the details of their IAP.

The review of Brunei Darussalam's IAP took place in Seoul this afternoon.