HRH: Realising Asean-China FTA signals opportunities

HRH: Realising Asean-China FTA signals opportunities


HRH Prince Mohamed Bolkiah: Trade has grown 20% in two years.Picture: Infofoto
BANDAR SERI BEGAWAN

Thursday, July 24, 2008

Workshops hosted by Brunei to see young entrepreneurs getting together

NEW opportunities are emerging for local businessmen and women with the realisation of the Asean-China Free Trade Area, His Royal Highness Prince Mohamed Bolkiah said during the Asean-China Post Ministerial Conference in Singapore.

"Our two-way trade has grown by some 20 per cent over the last two years. What now remains is to complete the Agreement on Investment to realise the Free Trade Area (ACFTA)," the Minister of Foreign Affairs and Trade said.

His Royal Highness said that the agreement will "represent a considerable advance in our economic cooperation" and have a "significant long-term effect on the lives of our people", despite the complexity and time consumption leading to the signing of the agreement.

The minister expressed his pleasure at the Framework of Cooperation between Bimp-Eaga and China and lauded China's efforts to set up the Pan Beibu Gulf Economic Sub-Regional Zone which will complement Brunei's effort in the Bimp-Eaga Sub-Regional Growth Area.

His Royal Highness said that workshops hosted by Brunei will soon see local entrepreneurs participating in the Asean-China Young Entrepreneurs' Association to exchange ideas and work closely together.

He continued to say that the idea came from the Commemorative Summit in Nanning which has produced a considerably strong dialogue which has resulted in Brunei's development.

His Royal Highness added that there was a need to continue negotiations on the agreement on investment and the Asean-China Centre Memorandum of Understanding.

"We would also like to develop an open skies agreement, in order to increase trade and tourism between Asean and China," His Royal Highness added.

The minister mentioned that the established relations between Brunei and China which has continued to strengthen should be further deliberated.

"There is now a need to consider what we can do to bring our ordinary people closer together in knowledge, understanding and appreciation of each other and our backgrounds, beliefs and ways of life," stated the minister.

The Asean-China Post Ministerial Conference was jointly chaired by His Royal Highness and China's Foreign Affairs Minister Yang Jiechi at the Shangri-La Hotel in Singapore.

Later in the evening a gala dinner was hosted by Singapore's Foreign Affairs Minister George Yeo at the Istana Banquet Hall. Also in attendance was Her Royal Highness Pengiran Anak Isteri Pengiran Anak Hajah Zariah, and other foreign ministers of Asean and its dialogue partners. (SHR1)

The Brunei Times