Trade Department joined the Ministry of Foreign Affairs (MFA) in August 2005, forming the "Ministry of Foreign Affairs and Trade (MOFAT)", and thus took over the responsibility in charting Brunei Darussalam's Foreign Trade Policy. Three departments were formed namely:
Department of International Trade
Department of Economic Cooperation
Department of Trade Development
At the same time, the Ministry also undertakes responsibility for Brunei Darussalam's trade promotional activities, which is under the purview of the Department of Economic Cooperation.
Brunei Darussalam's Foreign Trade Policy Objectives
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To promote an outward looking and conducive environment for trade and investment in Brunei Darussalam.
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Explore and identify market opportunities for Brunei Darussalam's business people.
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To increase economic activities and contribute significantly to economic diversification (i.e. away from oil and gas).
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Maximize benefits from involvement in international and regional fora.
Main Pillars of Brunei Darussalam's Foreign Trade Policy
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The World Trade Organization (WTO) provides the stable framework of multilateral trade rules that ensure the freer flow of goods and services.
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Participation in regional economic forums is based on the concept of "open regionalism".
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Free Trade Agreements (FTAs) with key trading partners can help to facilitate trade liberalization and strengthen trade links.
Guiding Principles of Brunei Darussalam's Foreign Trade Policy
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Pursuit of free and open trade within the context of multilateral trade rules.
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Support for an open, rules-based and non-discriminatory multilateral trading system.
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Recognition of "open regionalism" as a building block towards multilateral trade liberalization.
