The launch of the Brunei Insurance and Takaful Association (BITA) in November 2013 was a major event for the insurance industry and a highly anticipated one since plans for its formation were agreed upon in 2011. Bringing for the first time conventional and takaful insurers under one group, BITA is expected to unify the industry, especially in its relations with...
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...
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...
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,...
If asked to name the founding members of the TransPacific Partnership (TPP), which is shaping up to be the most important free trade agreement (FTA) of the early 21st century, not many people would guess that one of them is Brunei Darussalam. The country has an enthusiasm for FTAs that has few rivals. After all, the Sultanate’s oil and gas exports face few import...
As a small and relatively high-income country with an economy built around oil and gas exports, Brunei Darussalam is quite active in international trade and both inward and outward foreign investment. The bulk of inward foreign investment has come from Brunei Darussalam’s close relationship with AngloDutch oil company Royal Dutch Shell. The firm made the first discovery...
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