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

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search