27 November 2024

Thank you, Chair.

Good morning, colleagues.

First of all, I would like to warmly welcome the Brunei delegation led by Her Excellency Dr. May Ariffin, Permanent Secretary of Economy, Trade and Industry. China appreciates the preparations made by the Government of Brunei for this TPR as well as the hard work of the Secretariat. I would also like to express my gratitude to the Discussant, Ambassador Mzukisi Qobo for his insightful remarks.

Chair,

As indicated in the Secretariat Report, Brunei “ranks among the wealthiest economies in Southeast Asia”. Despite the multiple challenges posed by declines in oil prices, disruptions in oil production, and the COVID-19 pandemic, the economy of Brunei grew in general at a positive rate. In 2023, real GDP grew by 1.4% and inflation stood at 0.4%. Throughout the review period, Brunei maintained a merchandise trade surplus, which increased from USD 2.2 billion in 2016 to USD 3.7 billion in 2023, driven by the increase in the exports of refined oil products.

During the review period, the Government of Brunei also managed to promote the diversification of the economy by attracting FDI, creating a conducive business environment, developing the private sector, and promoting the production of more value-added goods and of non-oil and gas activities.

China noticed that Brunei implemented various measures to support MSMEs, streamline customs procedures, enhance its intellectual property regime, and establish a competition policy framework. Brunei also promoted initiatives to support the participation of women in the economy through capacity-building and women's participation rate in the economy was estimated at 55.4% in 2023.

Chair,

As an original member of the WTO, Brunei continues to pursue free trade policies while recognizing the importance of a strong multilateral trading system in safeguarding trade expansion. We appreciate Brunei’s consistent commitment to strengthen the rules-based, transparent, non-discriminatory, open, and inclusive multilateral trading system as enshrined in the principles and values of the WTO.

China commends Brunei on its formal acceptance of the Fisheries Subsidies Agreement. We also encourage Brunei to engage in WTO work more actively. In particular, we would like Brunei to positively consider joining the Agreement on Investment Facilitation for Development, which will improve the international business climate and provide real economic benefits to developing members.

Chair,

Bruneiis a good neighbour of China. Since our two countries established diplomatic relations in 1991, our bilateral relations have developed smoothly with intensive high-level visits. In 2018, the relationship between the two countries was upgraded to a strategic cooperative partnership. China is also an important trade partner of Brunei, with our bilateral trade valued at USD 2.81 billion in 2023.

Thanks to the “Belt and Road” initiative as well as the implementation of the RCEP Agreement, the bilateral economic and trade cooperations between China and Brunei have expanded continuously in recent years. Enterprises from China invested in Brunei and participated in infrastructure building, which contributed to the diversification of Brunei’s economy. The cooperation has been broadened in many areas such as energy, ports, financial services, e-commerce, and smart medical care. Cooperations in the fields of education, tourism, culture, and sports are also in the ascendant. We strongly believe that such cooperation will benefit both countries and help realizing Brunei's "National Vision 2035".

To conclude, Chair, China appreciates the responses from Brunei to our written questions. We look forward to furthering cooperation with Brunei here in the WTO and bilaterally. We wish this TPR a great success.

Thank you, Chair.