In a significant development for international trade, Brunei has ratified the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the 11th nation to do so. This move, announced by the China Council for the Promotion of International Trade Zhejiang Provincial Committee (CCPIT Zhejiang), is set to bolster the country’s trade and investment prospects, with the agreement slated to take effect in mid-July.
Brunei, a resource-rich nation located on Borneo, has a history of active participation in trans-Pacific economic partnerships. It was a member of the Trans-Pacific Strategic Economic Partnership Agreement (TPSEP) in 2006, which served as a precursor to the Trans-Pacific Partnership (TPP). The TPP was later restructured into the current CPTPP following the United States’ withdrawal in 2017.
The CPTPP now includes a diverse group of nations, including Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. The United Kingdom is also on track to become the 12th member of this influential trade bloc.
According to Brunei’s Ministry of Finance and Economy (MoFE), the CPTPP will unlock new trade opportunities for the country, tapping into a market of 600 million people and a combined GDP of $13.5 trillion. This is expected to attract foreign investment and generate substantial business opportunities for Brunei.
The CPTPP continues to expand, with five additional countries/regions, including mainland China, Taiwan, Ecuador, Costa Rica, and Uruguay, having formally submitted their applications to join the partnership
