Regional Development
From The Report: Brunei Darussalam 2014
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With a wealth of oil and natural gas reserves beneath its territory, Brunei Darussalam has been able to maintain a comfortable trade surplus and ranks among the top-five countries in the world in terms of GDP per capita in spite of producing little else domestically. According to the World Bank, introduction of the ASEAN Economic Community could boost annual income growth by 0.5-1% of GDP and increase foreign direct investment stocks. Negotiations are also taking place on the Regional Comprehensive Economic Partnership, which includes ASEAN members and six regional free trading partners. Beyond the advantages of stronger economic, strategic and logistical ties within the region, an increase of Brunei Darussalam’s manufacturing base will help the country fully capitalise on the advantages afforded by ASEAN membership and other future multilateral FTAs.

This chapter contains interviews with Le Luong Minh, Secretary-General, ASEAN; Pengiran Yura Kesteria PSN Yusuf, Executive Chairman, BIMP-EAGA Business Council; and Secretary Luwalhati R Antonio, Chair, Mindanao Development Authority.

Articles from this Chapter

Overview

Regional integration and multilateral agreements to benefit the nation
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With the sum total of nearly every national economy now irrevocably intertwined in a global marketplace, cooperation between different countries has become an imperative component of modern economics. Although countless trade barriers still exist in some form or another all around the world, longheld isolationist and protectionist measures which erect trade barriers at the expense of protecting oftentimes less efficient or fragile domestic industries are proving increasingly difficult to justify…

Analysis

Enhancing connectivity among ASEAN member states
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Much of the procedural elements of Brunei Darussalam’s regional integration are intended to tear down any remaining trade barriers in order to facilitate greater trade between member countries. But in order to take full advantage of these new opportunities, a network of seamless interconnectivity between these markets must be established in terms of communications, institutional procedures and the physical movement of goods and labour. Seeking to prioritise the numerous steps which needed to be…

Interview

OBG talks to Le Luong Minh, Secretary-General, ASEAN
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Interview:Le Luong Minh What are the challenges facing ASEAN member nations in preparing for the ASEAN Economic Community (AEC) in 2015? LE LUONG MINH: In the lead up to AEC 2015, it is important to complete the regional integration agenda as set out in the AEC Blueprint. Member states need to overcome implementation bottlenecks in AEC measures, namely delays in the ratification of signed ASEAN agreements and protocols; slow alignment of domestic laws and regulations with regional initiatives;…

Interview

OBG talks to Le Luong Minh, Secretary-General, ASEAN
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Interview:Le Luong Minh What are the challenges facing ASEAN member nations in preparing for the ASEAN Economic Community (AEC) in 2015? LE LUONG MINH: In the lead up to AEC 2015, it is important to complete the regional integration agenda as set out in the AEC Blueprint. Member states need to overcome implementation bottlenecks in AEC measures, namely delays in the ratification of signed ASEAN agreements and protocols; slow alignment of domestic laws and regulations with regional initiatives;…

Interview

A proven leader: OBG talks to Pengiran Yura Kesteria PSN Yusuf, Executive Chairman, Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Business Council
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Interview:Pengiran Yura Kesteria PSN Yusuf What has been the development focus of Brunei Darussalam’s three-year chairmanship of the BIMPEAGA Business Council (BEBC)? PENGIRAN YURA KESTERIA PSN YUSUF: When BIMP-EAGA was established in 1994 as a sub-regional economic cooperation initiative, its main aim was to bring about socio-economic progress across the EAGA, narrowing gaps within the sub-region. Through a strong partnership involving regional governments and the private sector, EAGA…

Analysis

Good neighbours: Sub-regional alliance to enhance trade and build better linkages
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While trade liberalisation through ASEAN will open up opportunities for Brunei Darussalam, the Sultanate may have a larger immediate impact within the smaller sub-region of Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). Established in 1994 to address the socioeconomic progress of less developed, marginalised and far-flung areas and to narrow the development gaps across and within the sub-region, the cooperative includes the relatively wealthy Sultanate with some…

Interview

Working together: OBG talks to Secretary Luwalhati R Antonino, Chair, Mindanao Development Authority (MinDA)
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Interview:Luwalhati R Antonino What types of economic partnerships would be most conducive to the joint growth of Brunei Darussalam and Mindanao? LUWALHATI R ANTONINO: With the advent of the Comprehensive Agreement on the Bangsamoro, Mindanao, particularly the Autonomous Region in Muslim Mindanao, is in a strategic position given its direct links to the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) and the Islamic products market. For instance, there…