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15.10.2013, admin  
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President Benigno Aquino III (L) with other government officials inspecting the APEC venue in Manila, November 10, 2015. IMPROVING trade and investment facilitation within the Asia-Pacific Economic Cooperation (APEC) region will be the central agenda when leaders converge in Manila for the 23rd APEC Summit next week. The two-day summit, which begins November 18, will see 19 heads of member states addressing issues pertaining to trade and investment liberalisation and facilitation, economic development goals as well as food and regional security.
APEC leaders will also thresh out and finalise details that will create a Free Trade Area of the Asia-Pacific (FTAAP). The APEC Business Advisory Council (ABAC), in its final report set for discussion at the upcoming APEC Economic Leaders’ Meeting, said the FTAAP should remain “forward looking” and “relevant to businesses over the long term”. The conclusion of regional trade pacts such as the Trans Pacific Partnership (TPP), the Regional Comprehensive Economic Partnership (RCEP) and the Pacific Alliance (PA), is key to the development of the FTAAP.
The TPP is a high-standard, comprehensive, and ambitious agreement that will set new rules for trade in the Asia-Pacific region. Brunei, one of the TPP founding members along with Singapore, New Zealand and Chile, has been touted to gain access to 11 markets through the agreement. Brunei’s Ministry of Foreign Affairs and Trade (MoFAT) recently said the sultanate’s total trade with TPP economies amounted to $10 billion in 2014, which signifies the importance of the trade pact to the country.
Brunei’s total trade with TPP countries accounted for around 64 per cent of the country’s overall trade, according to the ministry.


The ministry said TPP will widen market access, benefitting local companies which are keen to go beyond the sultanate. The TPP concluded negotiations on October 5 in the US after about five years of trade negotiations and heated debates as member countries seek to achieve a balanced trade deal.
The trade pact was negotiated by the US, Australia, Brunei, Malaysia, Canada, Chile, Mexico, New Zealand, Peru, Singapore, Vietnam and Japan. Once ratified, the TPP will create a market with a combined gross domestic product (GDP) of US$30 trillion, which is 40 per cent of global GDP.
Following the recent completion of the TPP talks, leaders could shift their focus on the Regional Comprehensive Economic Partnership at the summit. Talks on establishing the RCEP, touted to be one of the world's largest free trade pacts, was launched by ASEAN+6, which include Australia, China, India, Japan, South Korea and New Zealand, on the sidelines of the 21st ASEAN Summit held in Phnom Penh, Cambodia in 2012. RCEP is envisioned to be a comprehensive international agreement that will cover trade in goods and services, investment, economic and technical cooperation, intellectual property, competition and dispute settlement.
Upon its completion, the RCEP will represent three billion people with a combined GDP of US$17 trillion. The pact also aims to tie together ASEAN’s bilateral free-trade agreements (FTAs) with each trading partner, minus the US. With a huge market reach, the successful conclusion of RCEP will ultimately lead to the creation of FTAAP.


The ABAC also recognises Pacific Alliance as another pathway which will connect the economies of its members with the Asia-Pacific region, therefore contributing to the development of the FTAAP. When a reader is not happy about something and wants Brunei to know about it or act on a problem or issue, this is where the complaint is posted. A handout picture dated and released yesterday by the Malacanang Photo Bureau shows United States President Barack Obama (R) speaking at the venue of the Special US-ASEAN Summit, in Rancho Mirage, California, USA. Our journalists take turns presenting our news summaries so you know tomorrow’s stories even before they are printed.
The United States is hosting a meeting with leaders from the Association of Southeast Asian Nations (ASEAN) for the first time, amid growing tensions with China over a maritime territorial dispute. The chief executives of IBM, Microsoft and Cisco were brought into Monday’s private sessions with the leaders to help make the point.“The potential for deepening our economic engagement is tremendous,” US Commerce Secretary Penny Pritzker said. The territorial dispute over the South China Sea, which China claims in almost its entirety against the wishes of other smaller nations in the region, has overshadowed recent ASEAN gatherings.



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