Taiwan keen to broaden trade ties with Brunei
BANDAR SERI BEGAWAN – Taiwan is keen on broadening the scope of cooperation with Brunei beyond the areas of oil, gas and organic chemicals.
According to Albert Huang, representative at the Taipei Economic and Cultural Office in Brunei, the two parties can explore other trade opportunities. Taiwan is interested to invest in information communications technology, agriculture, and solar energy.
“We try to attract more Taiwan’s businessmen to seek for possible areas of investment in Brunei,” Huang said in yesterday’s briefing.
At the same time, Huang said Taiwan wil import more oil and natural gas from Brunei and is also encouraging more Bruneian businessmen to invest in Taiwan.
Huang said broadening business cooperation between Taiwan and Brunei will be “mutually beneficial” and help the Sultanate diversify its economy.
He said there are several international trade agreements that can boost trade ties. This includes Economic Cooperation Agreement (ECA), Protection of Investment Agreement (PIA), the Avoidance of Double Taxation Agreement (ADTA).
Singapore, Vietnam, Thailand, Philippines, Malaysia and Indonesia have signed PIA and ADTA with Taiwan. Taiwan also signed ECA with Singapore.
Huang is hoping that Brunei can support Taiwan’s bid to join the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP). Brunei is a member of both TPP and RCEP.
He said these agreements will significantly reduce tariffs on products entering each other’s markets, attract investments from Taiwan businessmen, create job opportunities for Bruneians and improve market liberalisation and facilitation.
According to the Taipei Economic and Cultural Office, trade between Taiwan and Brunei hit over US$92 million (S$123 million) in 2013, or 29.5 per cent higher than 2012.
Trade value rose further in 2014. From January to November last year, trade value hit a record US$442 million, or nearly four times more than the value recorded in 2013. Taiwan imported around US$417 million worth of goods from Brunei, more than 90 per cent of which are oil products. Taiwan exported about US$24 million worth of products to Brunei from January to November last year. s and machines.
