Will Brunei see cheaper Chevrolets through P4?
Tuesday, September 23, 2008
BRUNEI stands to benefit from the United States government's decision to join the Singapore, New Zealand, Chile and Brunei free trade agreement (FTA), a member of Brunei Apec Business Advisory Council (Abac) said.
The tearing down of tariff walls under the trade pact of the group known as "P4" presents an opportunity for Bruneian manufacturers wishing to export to the US markets as well for consumers who may see prices of imported American cars slashed.
It will benefit not just the oil and gas sector but also a wide range of industries in Brunei, said Abac member Hj Salleh Bostaman Hj Zainal Abidin.
"Depending on what trade and the scope of the agreement, this would mean that Brunei and the United States of America would be able to trade without tariff duties.
"This FTA could mean that American cars and car parts would be more cheaply available to the public because of the duties (could be lowered or eliminated) and there is a possibility that American cars such as Chevrolet and so on will be cheaper than Japanese cars even," he said. He added that this is a good time for entrepreneurs to set up assembly plants in Brunei for goods to be exported to the US.
"Brunei could import the raw materials from countries that already export products to the US and have them assembled and repackaged in Brunei to take advantage of the free trade that Brunei will have with the US through the "P4" group.
The final details of the FTA will possibly include everything from automobiles to computer programs, he said.The Brunei Times
The tearing down of tariff walls under the trade pact of the group known as "P4" presents an opportunity for Bruneian manufacturers wishing to export to the US markets as well for consumers who may see prices of imported American cars slashed.
It will benefit not just the oil and gas sector but also a wide range of industries in Brunei, said Abac member Hj Salleh Bostaman Hj Zainal Abidin.
"Depending on what trade and the scope of the agreement, this would mean that Brunei and the United States of America would be able to trade without tariff duties.
"This FTA could mean that American cars and car parts would be more cheaply available to the public because of the duties (could be lowered or eliminated) and there is a possibility that American cars such as Chevrolet and so on will be cheaper than Japanese cars even," he said. He added that this is a good time for entrepreneurs to set up assembly plants in Brunei for goods to be exported to the US.
"Brunei could import the raw materials from countries that already export products to the US and have them assembled and repackaged in Brunei to take advantage of the free trade that Brunei will have with the US through the "P4" group.
The final details of the FTA will possibly include everything from automobiles to computer programs, he said.The Brunei Times
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