![]() |
|
In This Issue: Upcoming Events: |
Edition 125 April 2012 |
|
From the Trade Desk Trading internationally can challenge your fundamental beliefs in how business should be done. One area that some members struggle with is the role of bribery, corruption and facilitation payments in many of our key markets. Whatever you may feel about the role of these sorts of payments, what you should be aware of is your legal responsibility and the consequences for Australian companies should you or your employees engage in any bribery of foreign public officials. To help members understand these issues, we have produced a short video which can be accessed on this BIZassistBriefings Link. If you have any questions on this topic, please contact Louise McGrath |
|
Unsolicited IP Services If you own a registered patent or trade mark, you may find yourself the target of letters regarding domestic or overseas registration of your IP. Letters from unfamiliar organisations, especially letters requesting payment for unsolicited services, should be treated with caution. Visit IP Australia's website for more information about unsolicited IP services including a list of organisations known for these practices. Trade Deficit Continues The value of goods and services imports decreased by 3.9% in February. Merchandise imports fell 4.6% while services imports declined 1.2%. Imported consumption goods contracted 6.9%. Meanwhile, imports of capital goods decreased 4.6%, and imports of intermediate and other merchandise goods fell 3.4%. Australia's export performance has been weak since the start of the year, reflecting the strength of the Australian dollar and the renewed global economic slowdown. Heightened global economic uncertainty has dimmed consumer and business confidence in Australia, resulting in a softening of domestic demand. Consistent with this, the trend growth in imported consumption goods has dipped after a brief rebound in the later part of 2011 and the trend growth in imported intermediate goods has been declining since April last year. Our adviser, Carolyn Macgill, can meet with you to determine your specific needs and areas where we can assist. This can include guidance and/or templates which address:
In cases where Ai Group does not have the expertise we will provide referrals to national and state agencies or other specialists. Please email carolyn.macgill@aigroup.asn.au to register your interest in this free service. Victoria Queensland New South Wales South Australia Worldwide Telephone Codes -
http://countrycode.org/ Market in Focus - Brunei Darussalam Why Brunei Darussalam? General Information Geography Brunei's tropical climate is hot, humid and rainy. The average annual temperature is 27.1°C and the country receives an average of almost 2.9 metres of rain annually. Population Malay is the official language, although a sizable minority speak Chinese dialects and English is widely used in commerce, education and government. The local variety of Malay (Kedayan or Bukit Malay) is quite different from standard Malay. Islam is the official religion of Brunei Darussalam and the Islamic faith permeates the social and cultural fabric of the country. There are minority groups of Buddhists, Christians, Hindus and a small number of people who practise indigenous religions. Political Overview Brunei's National Day is 23 February - a date associated with Brunei's independence in 1984. Its political structures are informed by the national philosophy of Melayu Islam Beraja (MIB), or Malay Islamic Monarchy. Brunei is constitutionally an absolute monarchy. It is ruled by the Sultan and Yang Di-Pertuan of Brunei Darussalam, His Majesty Paduka Seri Baginda Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, who is both the head of state and Prime Minister. He is also the head of the Islamic faith in Brunei. His Majesty is the 29th Sultan in one of the oldest continuous hereditary royal lines in the world. The Sultan's eldest son, His Royal Highness Prince Haji Al-Muhtadee Billah, was proclaimed Crown Prince of Brunei Darussalam and heir to the throne of Brunei on 10 August 1998. In 1984, Brunei's Government was restructured into a formal ministerial system with the Sultan as Prime Minister. The Sultan also serves as Minister of Defence and Minister of Finance. He is advised by, and presides over, four policy councils: the Council of Cabinet Ministers, the Legislative Council, the Privy Council and the Religious Council. The Sultan appoints the members of each of these Councils. After a 20 year hiatus, the Sultan reconvened the Brunei Legislative Council on 25 September 2004, appointing 21 members. His Majesty then appointed a new Council with 29 members in September 2005. In May 2010, the Sultan announced a Cabinet reshuffle. The Crown Prince, His Royal Highness Prince Haji Al-Muhtadee Billah, now holds the position of Senior Minister at the Prime Minister's Office. The Sultan's brother, His Royal Highness Prince Mohamed Bolkiah, is the Minister of Foreign Affairs and Trade. The eleven other Cabinet Ministers are not members of the royal family. Brunei has one legal political party, the Parti Pembangunan (National Development Party or NDP). Brunei's judicial system reflects the strong influence of British common law. The Supreme Court comprises the High Court and the Court of Appeals, while the Subordinate Court consists of the Magistrates' Courts. The Chief Justice and Judges of Brunei's Supreme Court are sworn in by the monarch for three-year terms. The Privy Council in London remains the final court of appeal for civil cases. The jurisdiction of the Islamic Courts, which coexist with the Supreme Court, is limited to family law and property matters for Muslims including inheritance. The royal family retains a venerated position within the country and adverse comment regarding royal family matters is forbidden in Brunei. Foreign Policy The guiding principles of Brunei's foreign policy include: mutual respect for the territorial integrity, sovereignty, independence and national identity of all nations; recognition of the equality of all nations large and small; non-interference in internal affairs; peaceful settlement of disputes and cooperation for mutual benefit. Brunei is active in a range of regional and multilateral fora, including Asia Pacific Economic Cooperation (APEC), the East Asia Summit (EAS), the ASEAN Regional Forum, the Asia-Europe Meeting, the Forum for East Asia-Latin America Cooperation and the Asia Cooperation Dialogue. It is a member of the Organisation of the Islamic Conference and the World Trade Organization (WTO), and joined the United Nations (UN) when it became independent in 1984. Brunei was one of the four original members of the 2006 Trans-Pacific Strategic Economic Partnership with Chile, New Zealand and Singapore. Economic Overview Brunei's small, high-income, open economy is underpinned by revenue from the oil and gas sector. At over USD 31,000 Brunei's per capita Gross Domestic Product (GDP) is among the top 25 in the world (2011 IMF data). In 2009, oil and gas accounted for around 60% of Brunei's economy. Brunei's extensive foreign investments form a large, yet unreported contribution to the national budget. Small scale manufacturers (mainly furniture and textiles) and primary production (including agriculture, fisheries and forestry) make up the rest of Brunei's merchandise economy. Brunei imports nearly all of its major manufactured products and nearly 90% of its total food requirements. Despite Brunei's high dependence on oil and gas, this sector employs only 3% of the workforce. The public sector is by far the largest employer of Brunei's population, providing employment for over half the workforce. Brunei has a low tariff regime and no capital gains or personal income tax, although private businesses pay company tax. Company tax for oil and gas exploration and production companies is 55%. For all other companies it is 25%. Brunei operates a currency board system and has no central bank, with the Brunei Dollar (BND) being tied at parity with the Singapore Dollar. Both currencies are legal tender in Brunei and Singapore. The Brunei Government aims to diversify the economy away from heavy dependence on oil and gas by promoting private non-energy sector development and attracting more non-oil and gas related investment. The Brunei Economic Development Board (BEDB) was formed in November 2001 to stimulate the growth, expansion and development of the economy by promoting Brunei as an investment destination and facilitating diversification projects. In January 2008, the Brunei Government released its Long-Term Development Plan (Vision 2035), which aims to deliver economic diversification and to achieve a wide range of development goals by 2035. The Plan includes the fifth National Development Plan (RKN), which set a growth target of 6% and earmarked BND$9.5 billion for 826 projects intended to help achieve the Government's development goals. Recent Economic Performance However, the fall in oil prices following the global economic crisis and subsequent decline in energy production saw Brunei's GDP contract by 1.9% in 2008 and 1.8% in 2009. 2010 saw a return to positive growth with Brunei's GDP increasing by 4.1%, due in part to more favourable external conditions and the large fiscal and current account surpluses built up through prudent Government policy in recent years. Economic Outlook While Brunei's oil and gas reserves were expected to last for at least the next two decades, the March 2009 settlement of an outstanding sea bed boundary dispute with Malaysia could eventually open the way to the development of substantial new oil and gas reserves. Australia-Brunei Bilateral Relations Australia and Brunei enjoy a warm relationship dating back to well before 1959, when Brunei achieved internal self-government. The relationship has strengthened in recent years, with growing links across a range of areas including defence and security, education and trade. Brunei is an important partner for Australia in the Commonwealth, APEC, the EAS, the Trans-Pacific Partnership negotiations, and multilateral organisations like the UN and WTO. Brunei was the ASEAN Coordinator in negotiations on the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), which was signed in Thailand on 27 February 2009 and entered into force on 1 January 2010. Defence and Security Links On 15 February 2005, Australia and Brunei signed a Memorandum of Understanding (MOU) on Cooperation to Combat International Terrorism during the visit to Australia by His Majesty the Sultan of Brunei. The MOU provides for cooperation on customs, finance, immigration, intelligence, law enforcement, security and transport. During then Australian Federal Police Commissioner Mick Keelty's visit to Brunei in May 2008, the two countries signed an MOU on combating Transnational Crime and Developing Police Cooperation. Bilateral Economic and Trade Relationship Brunei was ranked as Australia's 35th largest merchandise trading partner in 2010, though this ranking likely understates the level of transhipped trade between Australia and Brunei via Singapore. Trade and investment is an important focus of Australia's bilateral relationship with Brunei. Total direct bilateral trade with Brunei in 2010 amounted to $1.09 billion, with Australia's imports of crude petroleum from Brunei comprising just over $1.05 billion. Australia's merchandise exports to Brunei in 2010 totalled $33 million, consisting mainly of food and food products including meat excluding beef ($6 million), live animals ($3 million), beef ($3 million) and fresh vegetables ($2 million). The Bruneian Government owns two cattle stations in the Northern Territory and has interests in related industries and the tourism sector. In the services sector, a number of Australian teachers and other professionals work in Brunei. In 2010, Australia's service exports to Brunei (mainly education) were worth $58 million. Australia is now the second preferred destination for Bruneian students, with approximately 565 Bruneians enrolled in education institutions in Australia in 2010. Australian Trade and Investment Strategies On 27 February 2009, the former Minister for Trade, Simon Crean, joined trade ministers from the ten member states of ASEAN (including Brunei) and New Zealand in signing the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) in Thailand. As lead ASEAN Coordinator in the negotiations, Brunei played an important role in securing this Agreement. Ai Group is able to issue Certificates of Origin which enables companies to access the reduced tariffs offered under this agreement. Please email tradedocs@aigroup.asn.au for more information. Export Opportunities There are good trade and investment opportunities in Brunei including in the oil and gas, food and agriculture, financial and service sectors. Brunei's diversification efforts also hold some promise for Australian investors. A joint halal food production and marketing export initiative was announced in February 2005, during the Sultan's visit to Australia. Both countries agreed to examine ways to develop a halal export industry combining Australia's reputation as a producer of fresh, high quality food products with Brunei's stringent halal certification standards. The Brunei Government launched the Brunei halal accreditation symbol in August 2007, and it launched the BruneiHalal brand at its International Halal Expo in July-August 2009. Australian Trade Commission (Austrade) Australia-Brunei Darussalam Business Council For more information, click here. TradeDocs Letters of Credit and Export Documentation The benefits
Date: 17 April 2012 High Performance Teams This two day course concentrates on team building in a creative and innovative environment and the development of a positive work culture. This is ideal for managers, supervisors, leading hands or anyone who has responsibility for building innovative teams. Fiona Green Small Business Advisory Service (SBAS) Our Advisor Carolyn Macgill is running workshops in the following Victorian Regions:
To organise an appointment or discuss her visiting your region please email carolyn.macgill@aigroup.asn.au. Australian British Chamber of Commerce - Future of Infrastructure in Australia Executive Lunch Sir Rod Eddington AO and The Hon Mark Birrell have a wide and deep understanding of these considerations and will use their experience to discuss these important issues affecting the future of infrastructure investment. Date: 22 May 2012 NEW SOUTH WALES - Upcoming Events Introduction to Supervision This program is aimed towards supervisors and team leaders who are in a leadership role or who have the potential to move into a leadership position. Date: 17-18 April 2012 TradeDocs Letters of Credit and Export Documentation The benefits
Date: 19 April 2012 Maya Gorelik Australian British Chamber of Commerce – Executive Lunch Michael has more than 25 years energy industry experience including having established AGL as one of the country's largest energy retailers and led the rapid expansion of AGL's upstream energy interests in renewables, thermal power generation and upstream gas exploration and development. Michael's experience includes having been a Director of Queensland Gas Company Limited (QGC), Chairman of Elgas Limited, Chairman of ActewAGL, Director of the Australian Gas Association, Director of the Energy Retailers Association of Australia, Chairman of the NEMMCo Participant's Advisory Committee and a Director of UnitingCare Ageing Board. Michael is currently the Chairman of the Clean Energy Council. Date: 19 April 2012 Introduction to Supervision This program is aimed towards supervisors and team leaders who are in a leadership role or who have the potential to move into a leadership position. Date: 1-2 May 2012 Fiona Green Small Business Advisory Service (SBAS) Our Advisor Carolyn Macgill is running workshops in the following New South Wales Region:
To organise an appointment or discuss her visiting your region please email carolyn.macgill@aigroup.asn.au. Develop and Implement your Strategic Plan The benefits
This workshop is ideal for business executives and managers who either lead or participate in the formulation and implementation of business strategy. Date: 17 May 2012 Africa-Australia Infrastructure Conference 2012 As many African Governments break-up monopolies on utilities and spearhead privatisation of infrastructure assets across the continent, there is no better time to enter the African infrastructure business space than now. Date: 3-4 September 2012 Small Business Advisory Service (SBAS) Our Advisor Carolyn Macgill is running workshops in the following Queensland Region
To organise an appointment or discuss her visiting your region please email carolyn.macgill@aigroup.asn.au. TradeDocs Letters of Credit and Export Documentation The benefits
Date: 3 May 2012 Maya Gorelik Introduction to Supervision This program is aimed towards supervisors and team leaders who are in a leadership role or who have the potential to move into a leadership position. Date: 16-17 May 2012 Fiona Green South Australia - Upcoming Events Introduction to Supervision This program is aimed towards supervisors and team leaders who are in a leadership role or who have the potential to move into a leadership position. Date: 9-10 May 2012 Fiona Green You received this email from the Australian Industry Group because you have subscribed to the TradeWays email newsletter. Go to the Ai Group website to receive other information services or opt out. Unsubscribe. |
|