ASEAN KEY DESTINATIONS
Brunei contributes $92,458 to WTO
BRUNEI'S contribution to the general budget of the World Trade Organization (WTO) went down slightly this year, data from the international trade body show.
The data posted on the WTO website show that Brunei's contribution to the overall budget of the organisation was at CHF68,425 ($92,458), or 0.035 per cent of the CHF195.5 million allocation this year. This is lower than the contribution of CHF75,777 made by the sultanate last year.
WTO contributions are determined according to each member economy's share of international trade.
This is based on trade in goods, services and intellectual property rights for the last five years.
"There is a minimum contribution of 0.015 per cent for members whose share in the total trade of all members is less than 0.015 per cent," the WTO, which has 159 member countries, said.
The United States is the largest contributor, with CHF22.891 million, or 11.7 per cent of the total budget.
It is followed by Germany, with a contribution this year of CHF16.723 million, making up 8.554 per cent of the budget. China's contribution made up 7.697 per cent of the WTO budget for 2013, at CHF15.047 million.
Singapore is the highest contributor within the ASEAN region, contributing 2.266 per cent, or CHF4.43 million to the budget. Thailand is the second largest contributor to the budget with CHF2.14 million, or 1.095 per cent of the budget. Malaysia, one of the oil producing countries in the region, contributed CHF2.033 million, or 1.040 per cent.
Other ASEAN countries' contributions include Indonesia, at 0.792 per cent; the Philippines, at 0.363 per cent; Vietnam, at 0.402 per cent; Myanmar, at 0.033 per cent; and Cambodia, at 0.038 per cent.
A total of 37 members whose share in total trade was less than 0.015 per cent contributed the minimum required amount of CHF29,325. These include Antigua and Barbuda, Barbados, Belize, Benin, Cape Verde, Fiji, Rwanda, Madagascar and Montenegro.
The joint WTO/GATT (General Agreement on Tariffs and Trade) Committee on Budget, Finance and Administration recommended a new methodology for the calculation of the assessment of the members' contribution in 1995.
Based on information from the WTO, among the recommendations were that the share by each contracting party or member to the annual operating budget of the WTO/GATT be established on the basis of that country's international trade, both their imports and exports.
Courtesy: This post originally appeared on The Brunei Times
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