Trade Policy Review: Brunei Darussalam
·
Brunei Seeks to Diversify State Owned Oil and Gas based Economy
·
The
Brunei dollar is pegged to the Singapore dollar
·
Of
these sectors, oil downstream activities witnessed the most remarkable
expansion following the completion of a new refinery complex.
·
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. In 2023, goods exports and imports totalled USD 11.2
billion and USD 7.5 billion, respectively. The oil and gas sector accounted for
42% of total exports (nearly 80% when including refined oil products) and for
64% of total imports.
·
Brunei
introduced an import permit requirement on all food products in the
legislation, thereby formalizing an existing practice.
·
Maximum
prices are applied to rice, sugar, powdered milk, cooking oil, and various
fuels.
·
SOEs
play a critical role in Brunei's economy and dominate strategic areas like the
oil and gas sector.
·
In
2019, the Petroleum Authority of Brunei Darussalam was established and is
vested with exclusive mineral rights and powers with respect to Brunei's
petroleum resources. The largest oil and gas operator and producer remains the
state-owned Brunei Shell Petroleum (BSP) by virtue of its control of the major
oil and natural gas fields
·
A
new refinery complex started its operations in November 2019.
[ABS News
Service/28.11.2024]
The fourth
review of the trade policies and practices of Brunei Darussalam takes place on
27 and 29 November 2024. The basis for the review is a report by the WTO
Secretariat and a report by the Government of Brunei Darussalam.