The Trans Pacific
Strategic Economic Partnership Agreement (P4) is a Free Trade Agreement
between Brunei Darussalam, Chile, Singapore and New Zealand signed on 18
July 2005, and it entered into force on 1 May 2006. Brunei Darussalam
signed the Agreement on 2 August 2005, and deposited its instrument of
provisional application on 12 May 2006. In 2009, after finalizing its
Services Schedule and Government Procurement List, Brunei completed its
ratification process, and the Agreement fully entered into force for
Brunei on 22 July 2009.
The P4 later evolved into the Trans-Pacific
Partnership (TPP) with the addition of new members namely the United
States, Australia, Peru, Viet Nam and Malaysia. Negotiations began on 15
– 19 March 2010 in Melbourne, Australia. Brunei Darussalam hosted the
third Round of negotiations on 4 – 9 October 2010. The TPP provides
opportunities for new countries to join, after following through a
process of consultation, assessment and consensus building among current
members. Full consensus by current member-countries is required before
accession of new members.
TPP negotiations involve 24 traditional FTA
Chapters. TPP is different from other FTAs as it is currently looking
into ways to include cross-cutting issues (Horizontal Issues) - Transparency, SME, Development, Regulatory Coherence, and Competitiveness - into the Chapters or as Standalone Chapters.
TPP aspires to be a broad based 21st Century Agreement:
- - High-standard regional agreement that addresses new and emerging issues,
- - Incorporates new elements (Horizontal issues),
- - Responds to the 21st Century challenges faced by the region,
- - Creates and retains jobs,
- - Promotes innovation and competitiveness,
- - Encourages new technologies and emerging economic sectors,
- - Increases participation of SMEs in trade, investment and services,
- - Supports the development of efficient production and supply chains,
- - Promotes regulatory coherence and cooperation among the TPP members,
- - On other trade-related priorities: development & transparency.
Benefits of the TPP include:
- - Creation of a robust business environment
- - Promotes Ease of Doing Business
- - Attractive investment climate
- - Promotes innovation and creativity
- - Access to a wider market
- - Raises the country’s profile.
