BRUNEI: Halal Trade Development MOU Signed with Taiwan

The country has signed an MOU on Shariah Compliance Products Development and Trade with Taiwan with a particular focus on halal export development, promotional programmes and minimising technical trade barriers to trade. The MOU was finalised after 10 months of discussion between the Taipei Economic and Cultural Office in Brunei and the Brunei Darussalam, Indonesia, Malaysia, the Philippines - East ASEAN Growth Area (BIMP-EAGA) Business Council, a supranational body promoting sub-regional economic cooperation.

Overall, the initiative is designed to establish the BIMP-EAGA region as the primary Shariah-compliant economic centre and a global halal trade hub, while underlining the key international role the ASEAN bloc plays with regard to the halal industries and related production. The Asia-Pacific region, which is already home to almost one billion Muslims, is steadily becoming one of the biggest markets for halal products, with the region’s halal economy predicted to be worth about US$4 trillion over the near term.