‘TPP could be very beneficial for Brunei’
BANDAR SERI BEGAWAN
THE Trans Pacific Partnership (TPP) will likely open more opportunities for the sultanate to diversify its economy, said the US Ambassador to Brunei.
Craig Allen said the TPP could benefit Brunei, one of the four founding member countries of the agreement, and help it diversify its economy through international trade.
He said local entrepreneurs are one of the groups in the sultanate that could benefit from the agreement as they will have the opportunity to expand their businesses to other TPP member countries.
“(The TPP) brings new opportunities on the economic side, cultural side and in science and technology,” he told _The Brunei Times _during his visit to Kg Ayer yesterday.
Although the agreement has yet to be ratified, Allen said local entrepreneurs and companies will be able to expand their businesses as they will be tapping into a larger market.
“With the original 11 (member) countries (of the TPP), it accounts for 40 per cent of the world’s GDP. That’s an enormous opportunity, including Canada, Mexico and the US. All of North America will be included, and that’s a large market,” he said.
Other member countries include Australia, Japan, Malaysia, Peru, Vietnam, Chile, Singapore and New Zealand.
Allen said Brunei’s One Village, One Product initiative will also have the opportunity to be promoted in the US, particularly the handicraft items, as he said these products have potential.
He said the TPP will also include free trade and free movement of money and ideas, which will also aid tourism, as well as the exporting of students and tourists and expanding of businesses.
“The TPP is very important for the long-term good of the US and the economic partners (under the TPP),” Allen said.
During his visit, the ambassador toured the Kg Ayer Cultural and Tourism Gallery, met with the grassroots leader from Mukim Peramu, observed the Kg Ayer community and met with local entrepreneurs.
The visit concluded with a tour of the Kunyit 7 Lodge, where he viewed a demonstration of _ketupat _weaving.
The Brunei Times