Mrs BRAHAM - 1995-11-22
Last month, the minister took a delegation of business people to the BIMP-EAGA Expo in Brunei. Is the Territory government making progress in developing the Territory's trade with the East ASEAN growth area?
ANSWER
Mr Speaker, the Territory's latest trade figures with the Brunei, Indonesia, Malaysia, Philippines, East ASEAN Growth Area, known as BIMP-EAGA, are quite staggering. In the first quarter of this financial year - that is, to the end of September 1995 - Territory exports to BIMP countries almost doubled. Exports have increased by 92% to $45.3m compared with $23m for the same period last year.
Mr Ede: What is it made up of?
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Mr POOLE: I will come to that. I assure members that I will be making a detailed statement tomorrow, but I am sure this is of interest to Territorians generally.
During the same period, imports increased from only $2.28m to $3.63m. I should point out that the exports are mainly live cattle, machinery and transport equipment, and mining support equipment such as safety gear in particular. The major increase in exports during the quarter were to Indonesia. They more than doubled, from $10.3m to $24.9m. Exports to Malaysia more than doubled also, from $1.7m to $3.7m. Exports to Brunei more than tripled from $0.55m to $1.8m. Exports to the Philippines increased from $11.1m to $14.9m.
Whilst I was in Brunei last month, not only did I visit the BIMP-EAGA Expo and represent the Territory government at its business forum, but I signed a memorandum of understanding to promote business and cultural links between the Territory and Brunei. I am pleased to say that the Territory government has signed MOUs with all BIMP countries except Malaysia, and we will sign a similar agreement with the Malaysian states of Sabah and Sarawak early next year. Once we have trade agreements established with all BIMP countries, I believe there will be no holding the Territory back. Thus, whilst this year's trade figures with BIMP countries can be described as excellent, I believe that this is only the beginning.
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ANSWER
Mr Speaker, the Territory's latest trade figures with the Brunei, Indonesia, Malaysia, Philippines, East ASEAN Growth Area, known as BIMP-EAGA, are quite staggering. In the first quarter of this financial year - that is, to the end of September 1995 - Territory exports to BIMP countries almost doubled. Exports have increased by 92% to $45.3m compared with $23m for the same period last year.
Mr Ede: What is it made up of?
Page 1024
Mr POOLE: I will come to that. I assure members that I will be making a detailed statement tomorrow, but I am sure this is of interest to Territorians generally.
During the same period, imports increased from only $2.28m to $3.63m. I should point out that the exports are mainly live cattle, machinery and transport equipment, and mining support equipment such as safety gear in particular. The major increase in exports during the quarter were to Indonesia. They more than doubled, from $10.3m to $24.9m. Exports to Malaysia more than doubled also, from $1.7m to $3.7m. Exports to Brunei more than tripled from $0.55m to $1.8m. Exports to the Philippines increased from $11.1m to $14.9m.
Whilst I was in Brunei last month, not only did I visit the BIMP-EAGA Expo and represent the Territory government at its business forum, but I signed a memorandum of understanding to promote business and cultural links between the Territory and Brunei. I am pleased to say that the Territory government has signed MOUs with all BIMP countries except Malaysia, and we will sign a similar agreement with the Malaysian states of Sabah and Sarawak early next year. Once we have trade agreements established with all BIMP countries, I believe there will be no holding the Territory back. Thus, whilst this year's trade figures with BIMP countries can be described as excellent, I believe that this is only the beginning.
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Last updated: 09 Aug 2016