Economic issues high on New Zealand-Brunei talks agenda

Economic issues will be the focus of a Brunei government mission to Wellington this week, New Zealand's Foreign Minister Murray McCully said Wednesday.

Brunei's Second Minister of Foreign Affairs and Trade Pehin Lim Jock Seng and Energy and Industry Minister Pehin Yasmin Umar would be visiting later in the week, McCully said in a statement.

"During the visit, we will discuss Brunei's plans to diversify its economy and how New Zealand can best support these efforts. Our talks will also focus on regional economic and political issues," said McCully.

"Brunei is an important partner for New Zealand in South East Asia, and we enjoy friendly cooperation in defence, trade and education."

Both countries are members of the P4, the Trans-Pacific Strategic Economic Partnership, which also involves Chile and Singapore.

The free trade pact was the precursor to the 12-nation Trans-Pacific Partnership, which appears to have been scuppered by United States President-elect Donald Trump.

Brunei and New Zealand are also both involved in the 16-nation Regional Comprehensive Economic Partnership.

New Zealand's trade relationship with Brunei is dominated by imports of crude oil, which can see trade values fluctuate dramatically from year to year.

In 2012, total two-way trade reached 1.2 billion NZ dollars (854.64 million U.S. dollars), but in 2014 the figure was 463 million NZ dollars (329.75 million U.S. dollars), according to figures from New Zealand's Ministry of Foreign Affairs and Trade.

In 2014, New Zealand's direct exports to Brunei amounted to 6 million NZ dollars (4.27 million U.S. dollars).