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1 1 (October 21, 2020)

handle is hein.crs/govdchw0001 and id is 1 raw text is: %4¾ ~ tiE>sct~rch $3c ~ .................. Updated October 21, 2020 Brunei Darussalam The State of Brunei Darussalam (Brunei) is located on the northwest coast of the Island of Borneo, and is bordered and bifurcated by eastern Malaysia. Brunei is a small country with a land mass of 2,226 square miles (slightly larger than Delaware), possesses substantial oil and natural gas reserves, and is located along the strategically and economically important sea lanes of the South China Sea. Brunei is a predominately Sunni Muslim state with a population of more than 420,000, consisting of mostly ethnic Malays and a substantial ethnic Chinese minority. The capital city is Bandar Seri Begawan. Brunei is a constitutional monarchy, headed by Sultan Haji Hassanal Bolkiah, who is both head of state and Prime Minister, as well as Minister of Finance, Defense, and Foreign Affairs and Trade. The Sultan is one of the world's wealthiest men. He is advised by a 13-member cabinet, which underwent a major reshuffling in January 2018, as well as a Religious Council, Privy Council, and Legislative Council, all of whom are appointed by the monarch. Brunei's legal system is based on a combination of British common law and Indian penal code. Its legal system was amended in 2014 to include Islamic law (sharia or locally, syraiah). According to its Department of Economic Planning and Statistics (DEPS), Brunei's GDP in 2019 was 18.4 billion Bruneian dollars, or approximately US$13.5 billion. Its per capita GDP in 2019 was 40,000 Bruneian dollars, or approximately US$29,400. Brunei's economy is dominated by the extraction and export of crude oil and natural gas, which provide about 60% of the country's gross domestic product (GDP). The government uses revenue from the state energy company, Brunei National Petroleum Corp., to subsidize infrastructure development and extensive social programs. Declining offshore oil reserves, combined with lower oil prices, present a challenge for the country's development. In recent years, the Brunei government has tried to promote international tourism and domestic food production to diversify its economy and reduce its reliance on imported food. The DEPS states Brunei's merchandise exports in 2019 totaled 9.9 billion Bruneian dollars (US$7.3 billion); merchandise imports were worth 7.0 billion Bruneian dollars (US$5.2 billion). Brunei's leading trading partners are (in alphabetical order): Japan, the People's Republic of China (China), and Singapore. Major sources for inward foreign direct investment in Brunei are China, Malaysia, Singapore, and the United Kingdom, mostly in Brunei's natural resources sector. A founding member of the Trans- Pacific Strategic Economic Partnership (P4) in 2006, the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP) in 2018, and the proposed Regional Comprehensive Economic Partnership (RCEP), Brunei has a history of advocating trade and investment liberalization in the region. Figure I. Map of Brunei Darussalam C .u \4\:+}} \, Brn i is ai membe of seea mutilatera :: ::ganizati.........s....f . A fCp .::....is...... Brunei is amember.:of seamutlerlognzinsf member forum was founded in 1989 for the purpose of promoting trade and investment liberalization in the Asia-Pacific as a means of fostering sustainable economic growth and prosperity in the region; * The Association of Southeast Asian Nations (ASEAN)-Brunei joined the now 10-member association in 1984. ASEAN was established in 1967 to foster regional peace and stability, and promote economic growth, social progress and cultural development in Southeast Asia; * The ASEAN Regional Forum (ARF)-the 27-member group was created in 1993 to foster constructive dialogue and consultation on political and security issues of common interest and concern; * The East Asia Summit (EAS)-the EAS is a head-of- state summit that first met in 2005 to discuss strategic, political and economic issues of common interest and concern with the aim of promoting peace, stability and Mips:------------------.-. g-v

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