The Council Approved the Budget Allocation for the Ministry Of Development and the Ministry Of Foreign Affairs and Trade

Before adjourning this morning's session, the council approved the budget allocation for the Ministry of Development and its departments amounting to more than 807 million dollars. This afternoon's session deliberated and approved the Ministry of Foreign Affairs and Trade budget allocation amounting to more than one hundred 16 million dollars for the Financial Year 2018/2019.

In his deliberations on his ministry's allocation, Yang Berhormat Dato Seri Paduka Awang Haji Erywan bin Pehin Datu Pekerma Jaya Haji Mohd Yusof, Second Minister of Foreign Affairs and Trade among other matters said that Brunei Darussalam's good relations with other countries are based on principles of mutual respect, as well as values of friendship and peace. Brunei Darussalam will also continue its efforts to become a responsible member of the world community. This was shared by Yang Berhormat in his deliberations on the Ministry's budget proposal for the Financial Year 2018/2019. Yang Berhormat also explained, to-date Brunei Darussalam has established diplomatic relations with more than 170 countries.

Yang Berhormat said that one of the Ministry of Foreign and Trade's focus is on efforts towards enhancing international trade, specifically on trade facilitation and promotion, aside from reducing barriers to trade, as a strategy in increasing growth and diversifying Brunei Darussalam's economy. In this matter, the ministry will continue its efforts to ensure that the country will gain benefits in bilateral and regional free trade agreements signed and also any agreements that can provide Brunei Darussalam's citizens, businesses and enterprises access to a larger market and enhance the country's attraction as an overseas investment destination.

Brunei Darussalam signed a Comprehensive and Progressive Agreement on Trans-Pacific Partnership on the 8th of March in Santiago, Chile with 10 other countries namely Australia, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The agreement will not only pave the way to export channels of local products to markets in the countries mentioned, with a total population of five hundred million, but will also attract investment opportunities by taking advantage of the country's positive and attractive investment climate. Towards diversifying the national economy, Brunei Darussalam's envoys will continue to play a vital role in promoting Brunei Darussalam as a peaceful and stable nation with a clean and green environment as well as an attractive investment and business destination. This can provide opportunities to local companies to set-up joint ventures with overseas companies to enable them to penetrate the international market and expand their product market.

Source: Radio Television Brunei

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