BRUNEI DARUSSALAM has continued to make "remarkable progress" toward achieving the so-called Bogor Goals of liberalising and facilitating trade among members of the Asia Pacific Economic Cooperation (Apec) forum.

This was the assessment made by the Apec Secretariat at the close of a peer review session on Brunei's individual action plan (IAP) that outlines its progress in observing the different aspects of trade and investment liberalisation as stipulated in the 1994 Apec Leaders' Declaration in Bogor, Jakarta.

While the peer review highlighted Brunei's progress in slashing import duties and removing non-tariff barriers to trade for the benefit of Apec economies, it also recommended that Brunei update its IAP "to reflect any changes or to indicate at least that no changes have occurred" over time on the following areas of its policy environment:

Competition policy

Government procurement

Deregulation/regulatory review

Implementation of WTO commitments

Mobility of business people.

In the peer review study report on Brunei, the participants noted that the Sultanate's action plan did not contain chapters on the said policy areas.

"It would contribute to transparency and the value of its IAP if Brunei Darussalam could update its IAP," states the report presented at a Senior Officials Meeting in Singapore last week.

The peer review nevertheless noted Brunei's progress in achieving the Bogor Goals.

"Brunei Darussalam is well advanced in observing its Bogor tariff commitments, with the average most-favoured-nation (MFN) tariff falling to 3.6 per cent, tariff discrimination against imports removed and tariff transparency and predictability enhanced.

"In the services area, developments have also been witnessed in Brunei Darussalam with the corporatisation of telecommunications and increase in number of financial firms entering the market. The customs procedures continue to be streamlined and improved.

"As the review indicated, all of these substantial improvements have been helpful in enhancing efficiency, encouraging competition and improving business environment, which makes a significant contribution to Brunei Darussalam's overall economy growth."

Under the Apec Leaders' Bogor Declaration, member economies endeavour to achieve "free and open trade and investment in the Asia Pacific. The goals are to be met no later than 2010 for industrialised economies and 2020 for developing economies".

Each economy submits an action plan for peer review of its progress, best practices and challenges to achieving the Bogor Goals.

In Courtesy of The Brunei Times