Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Brunei signs Trans-Pacific trade agreement

Brunei signs Trans-Pacific Strategic Closer Economic Partnership trade agreement

Brunei has signed the Trans-Pacific Strategic Closer Economic Partnership agreement, Trade Negotiations Minister Jim Sutton announced today.

Brunei's ambassador to New Zealand, Pehin Dato Jock Lim Seng, signed the agreement at Parliament in Wellington today. Singapore and Chile had signed a fortnight ago.

The Trans-Pacific SEP links New Zealand, Chile, Singapore and Brunei.

Mr Sutton said it was a high quality free trade agreement that builds new strategic and economic links between our country, Latin America and Asia.

He said he was pleased Brunei had decided to join the agreement, originally known as Pacific 3. It was possible other countries in the region might follow suit.

"Brunei is also a member of the Association of South East Asian Nations. Their joining P-4 is expected to be helpful in the current ASEAN-Australia-New Zealand FTA negotiations."

In the year to June 2004 New Zealand exported goods worth NZ$3.6 million. The main imports were dairy, iron and steel products and vegetables.

In the year to June 2004 New Zealand imported goods worth NZ$256 million from Brunei, mainly oil. It already enters duty free.

Currently, 92 percent of New Zealand's exports to Brunei enter duty free, including key exports such as dairy.

On entry into force of the agreement, Brunei will bind these tariffs at zero. This is a gain for New Zealand of about $50,000 a year. While Brunei currently applies a zero MFN rate, without the Trans-Pacific SEP it has the flexibility to raise these rates to its WTO bindings, which are considerably higher. Brunei will eliminate its tariffs on remaining products (including forestry) by 2015.

ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Peters/Ardern Triumph

There are a lot of good reasons to feel joyful about this outcome. It is what so many young voters – the best hope for the country’s future – wanted.

Far more important than the implications for the Economy Gods ( is the dollar up or down? ) last night’s outcome will also mean many, many vulnerable New Zealanders will have a better life over the next three years at least.

Yet the desire for change was in the majority, across the country..>>>More


Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome | Greens on their joining Govt | EDS welcomes new govt | Immigrant groups worry | Feds ready to engage new coalition government | Labour Ministers of the Crown announced

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election