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: Sympatex Technologies

Textiles | On 23rd Feb 2018

Sympatex, Ricosta jointly move towards sustainability

Sympatex Technologies is moving towards sustainability with its...

Courtesy: Business wire

Information Technology | On 23rd Feb 2018

CLO Virtual Fashion launches CLO 4.0 & new website

CLO Virtual Fashion, a leading developer of cutting-edge 3D garment...

Courtesy: Delta Galil

Apparel/Garments | On 23rd Feb 2018

Delta Galil 2017 sales up 16% to $1,368.1 million

Delta Galil sales for full year 2017 increased 16 per cent to...

Interviews View All

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Urmil Arya

Sushila International, a well established textile organisation established ...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search