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Brunei Darussalam Free Trade Agreements

New Zealand and Brunei already provide duty-free access to the other country`s market as a result of the P4 that came into force in 2006. However, the CPTPP rules of origin are consistent with the concept of full accumulation- so that the transformation carried out in the contracting parties to the CPTPP can be attributed to the achievement of the tariff threshold. The P4 also has ancillary agreements, namely the environmental cooperation agreement and joint cooperation, to take into account the common desire to promote and promote strong working and environmental practices. These agreements establish mechanisms for ongoing cooperation and dialogue on labour and environmental issues. CPTPP strengthens New Zealand`s trade and investment relationship with Brunei Darussalam, one of our original P4 and AANZFTA partners. Brunei Darussalam recently concluded negotiations on the Trans-Pacific Partnership (TPP), a free trade agreement currently involving 11 other countries, namely Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam. Together, the TPP partner countries reflect a market of 800 million people with a combined GDP representing nearly 40% of global GDP. Full accumulation means that New Zealand inputs can be counted as part of the qualified content for products manufactured and traded between all contracting parties of the CPTPP, making New Zealand materials more attractive to companies in Brunei (and elsewhere in the CPTPP region) who wish to benefit from CPTPP tariff preferences. This improves and enhances opportunities for New Zealand companies to integrate into different regional supply chains. TPP partner countries share a common vision of creating a next-generation comprehensive regional agreement that liberalizes trade and investment and addresses new and traditional trade issues and challenges of the 21st century. Once completed, the TPP will continue to encourage trade and investment between TPP partner countries, encourage innovation, economic growth and development, and support job creation and maintenance. Brunei Darussalam sees the Free Trade Agreement (FTA) as an essential part of its foreign trade policy in order to maximize the potential of free and open trade for its people in an ever-globalized world.

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