Brunei to sign FTA for solving local energy issues
22 Dec '06
1 min read
With the aim of ensuring a stable energy supply from Brunei, Japan will be signing a free trade agreement (FTA) with the Southeast Asian country and implementing the same in first six months of 2007, thus improving bilateral trade.
Both nations are planning to form a panel for energy issue as part of this FTA and they will conduct advanced talks if Brunei slashes exports to the country.
Decision to ink the FTA was taken following talks which concluded in just six months which is the least time period Japan has taken for FTA negotiations with any country till now. Country has already signed FTAs with seven other nations.
Country imports oil and natural gas from Brunei. Net export-import between both nations stood at JPY263.9 billion last year.
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