Business in Brunei Darussalam

The objectives of the subject “Foreign Trade and Business in the State of Brunei Darussalam” are the following:

1. To analyse the Bruneian Economy and Foreign Trade (Import, Export, FDI)
2. To know the business opportunities in Brunei Darussalam
3. To explore Brunei Darussalam trade relations with the country of the student
4. To know the Bruneian Trade Agreements
5. To develop a business plan for the Bruneian Market

Brunei Darussalam: market access and trade agreements.

1. Association of Southeast Asian Nations (ASEAN)
   1. ASEAN Free-Trade Area (AFTA)
   2. ASEAN Economic Community
   3. East ASEAN Growth Area
   4. Brunei Darussalam (as an ASEAN member), has Free Trade Agreements (FTA) with Australia-New Zealand, Canada, China, India, European Union, Japan, Korea, Russia, the United States, Pakistan, Chile
2. Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
3. Regional Comprehensive Economic Association (RCEP)
4. Asia-Pacific Economic Cooperation (APEC)
5. Brunei Darussalam-Japan Free Trade Agreement (FTA)
6. European Union-Brunei Partnership and Cooperation Agreement (negotiation)
7. Trade Preferential System of the OIC (TPS-OIC)
8. Islamic Centre for Development of Trade (ICDT)

Trade Facilitation Programs

1. World Trade Organisation (WTO)
   1. WTO General Agreement on Trade in Services (GATS)
   2. WTO Agreement on the Application of Sanitary and Phytosanitary Measures (SPS)
   3. WTO Agreement on Technical Barriers to Trade (TBT)
   4. WTO Agreement on Preshipment Inspection (PSI)
   5. WTO Agreement on Safeguards (SG)
   6. WTO Trade Facilitation Agreement (TFA)
2. World Customs Organisation (WCO)
   1. Revised Kyoto Convention (RKC)
3. International Bureau of Containers and Intermodal Transport (BIC)
4. International Civil Aviation Organisation (ICAO, Chicago Convention)
5. International Maritime Organisation (IMO)

Islamic Organisations

1. Islamic Development Bank (IsDB)
2. Organisation of Islamic Cooperation (OIC)
   1. Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC)
   2. Islamic Chamber of Commerce and Industry (ICCI)
   3. Islamic Centre for Development of Trade (ICDT)
   4. Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC)
3. Asia-Middle East Dialogue (AMED)

Asian Trade and Economic Organisations

1. Boao Forum for Asia
2. Asia Cooperation Dialogue (ACD)
3. Economic and Social Commission for Asia and the Pacific (ESCAP)
4. Asian Development Bank (ADB)
5. Colombo Plan
6. Africa-Asia Strategic Partnership
7. Forum for East Asia-Latin America Cooperation (FEALAC)

Global Organisations

1. United Nations (UN)
   1. Conference on Trade and Development (UNCTAD)
   2. International Trade Centre (INTRACEN)
   3. World Intellectual Property Organisation (WIPO)
2. World Bank (WB)
3. World Trade Organisation (WTO)
4. Pacific Economic Cooperation Council (PEEC)
5. International Monetary Fund (IMF)

Brunei Darussalam

The State of Brunei Darussalam is advantageously situated in the South-Eastern region of Asia.

1. Brunei Darussalam shares borders with Indonesia and Malaysia
2. The capital of Brunei is Bandar Seri Begawan
3. Official language of Brunei Darussalam: Malay. English is a recognised language in Brunei
4. Bruneian Population: 415,717 people
5. 66% of the Bruneian are Malays (11% are Chinese)
6. Type of Government: Unitary Islamic Absolute Monarchy
7. Sultan: Hassanal Bolkiah
8. Independence from the United Kingdom: 1984
9. Area of Brunei Darussalam: 5,765 square kilometres

Religion in Brunei Darussalam

1. 66% of the population are Muslim (Sunni)
2. Islam is the official religion of the State of Brunei
3. The judiciary system of Brunei Darussalam is based on the English Common Law.
4. For Muslims, the Islamic Sariah Law substitutes civil laws
5. Fiqh (Islamic Jurisprudence): Shafi
6. Other religions in Brunei: Buddhism (13%) and Christianity (10%)

Brunei Darussalam is a member of the Islamic Civilisation.

Bruneian Economy.

1. Protected by the political stability of the longest serving family monarchy in the World, and the financial security of its petrol and gas resources, Brunei Darussalam is as “green oasis at the heart of Asia.”
2. Brunei Darussalam is a small nation with a large potential
3. The State of Brunei ranks in the first position in the Islamic world (Human Development Index)
4. The Bruneian people benefit from a high quality of life (USD 31,000 per capita revenue), the second largest in the ASEAN Region
5. The Economy of the State of Brunei has been dominated by the petrol and gas industry for the past eighty years
6. Brunei Darussalam has no central Bank and operates a currency board system with the Brunei Dollar (B$) being pegged to the Singapore Dollar, enabling both currencies to be legally interchangeable in Brunei Darussalam and Singapore
7. Currency: Brunei dollar (BND)

International Trade of Brunei Darussalam.

1. Hydrocarbon resources account for 90% of its export and 50% of the gross domestic product of Brunei
2. Brunei Darussalam is the fourth largest petrol manufacturer in Southeast Asia and the ninth largest liquefied natural gas exporter in the World
3. Petrol and natural gas account for nearly all Bruneian exports
4. Top export markets of the State of Brunei are Japan, South Korea, Indonesia, India, and Australia
5. Top import partners of Brunei Darussalam are the Association of Southeast Asian Nations (ASEAN) countries (Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Laos, Myanmar, and Cambodia), the United States, the European Union (EU), Japan, and China