Brunei Darussalam

Brunei is an energy-rich sultanate on the island of Borneo in southeast Asia. The country's economy is small but strong with crude oil and natural gas accounting for 65% of the GDP and 95% of exports. The country has a high per capita GDP ($78,350) in terms of purchasing power parity (PPP). Progress has been made by the government in expanding the economy beyond oil and gas to other industries such as communication technology, halal manufacturing and information technology. The country falls in the category of very high human development with an HDI score of 0.845. The country is the 9^th largest producer of liquified petroleum gas (LPG) in the world producing approximately 25.3 million cubic metres per day. It is also the 3^rd largest oil producer in southeast Asia. The domestic income is supplemented by funds earned from overseas investment. Citizens are not required to pay any income tax or capital gain tax and are provided with medical services and education (up to university level) free of charge. Foreign investment is encouraged with some enterprises meeting a specific criterion getting exemption from income tax for up to five years. The country is dependent heavily on imports, which include agricultural products and electrical goods and motorcars. The majority of the country's food products are imported from the ASEAN countries. In 2009 Brunei launched its own national halal branding scheme, Brunei Halal to help local manufacturers get access to the markets with a significant number of Muslim consumers. There has been an uptick in the trade since the country's economic integration with the ASEAN and an anticipated enactment of the TPP trade agreement. The government has accorded highest priority to the agricultural and fisheries sector in order to diversify its economy.

What free trade areas or economic unions is it a member of?

Member of the Association of Southeast Asian Nations (ASEAN) since 07/01/1984

Other members:

Cambodia, Indonesia, Lao People's Dem. Rep., Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam

What trade deals are there between Association of Southeast Asian Nations and other countries and economic unions?

ASEAN - Japan Comprehensive Economic Partnership (from 01/12/2008)

ASEAN - Australia - New Zealand Free Trade Area (from 01/01/2010)

ASEAN - China Free Trade Area (from 01/01/2010)

ASEAN - India Free Trade Area (from 01/01/2010)

ASEAN - Korea Free Trade Area (from 01/01/2010)

Free Trade Agreement between Hong Kong, China and the Association of Southeast Asian Nations (from 11/06/2019)

Member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) since 30/12/2018

Other members:

Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam

What trade deals are there between Comprehensive and Progressive Agreement for Trans-Pacific Partnership and other countries and economic unions?

None

What trade deals are there with other countries and economic unions?

Trans-Pacific Strategic Economic Partnership (from 28/05/2006)

Brunei Darussalam - Japan free trade agreement (from 31/07/2008)