Home / Knowledge / News / Relatively open economy still overly dependent on oil & gas
Relatively open economy still overly dependent on oil & gas
26
Feb '08
Brunei Darussalam is a small, relatively open economy that has intensified its participation in regional trade agreements and has reduced tariffs to low levels although there is still a large gap between applied and bound MFN rates.

In several trade-related areas — notably TRIPs, customs procedures, telecommunications and standards — Brunei has made significant improvements to its regulatory framework since the previous review, according to a WTO Secretariat report on the trade policies and practices of Brunei Darussalam.

The country owes its prosperity to its abundant petroleum (oil and gas) resources whose share of GDP stood at 69% in 2006 accounting for 96% of exports and 94% of Government revenue. This leaves Brunei vulnerable to external shocks, particularly given the prospect of an eventual depletion of these resources probably over the next couple of decades.

The Government has faced the challenge and has been encouraging economic diversification, mainly into manufacturing and services, especially financial services, tourism and transport, but despite the provision of investment incentives for the private sector success in achieving this goal has been slow so far.

The report also notes that lack of transparency and public accountability in government policies might adversely affect the aim of encouraging foreign investment.

The WTO Secretariat report, along with a policy statement by the Government of Brunei Darussalam, will be the basis for the second TPR of Brunei Darussalam by the Trade Policy Review Body of the WTO on 25 and 27 February 2008.

Click here to view more:

World Trade Organization


Must ReadView All

Courtesy: The White House

Textiles | On 21st May 2018

China, US put trade war on hold

Following weeks of uncertainty over imposition and counter-imposition ...

Equate posts best Q12018 results since inception

Textiles | On 21st May 2018

Equate posts best Q12018 results since inception

Equate Group's first quarter results for 2018 are the best since its...

Over 60% retailers already have IoT platforms: IDC

Apparel/Garments | On 21st May 2018

Over 60% retailers already have IoT platforms: IDC

Retail organisations are adopting IoT platforms and more than 60 per...

Interviews View All

Top executives
Textile industry

GST has levelled the playing field to an extent

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search