Timor-Leste and Indonesia have signed a bilateral agreement on market access for services and goods as part of the country’s accession process to the World Trade Organisation (WTO), the Timorese government announced on Tuesday.
According to information published today on the Government’s official website, the agreement was signed on Monday in Geneva, Switzerland, by Timor-Leste’s permanent representative in that country, and by the Indonesian ambassador, Febrian A. Ruddyard.
“The signing of this agreement marks the conclusion of nine out of ten bilateral negotiations conducted by Timor-Leste, signifying an important step towards Timor-Leste’s integration into the multilateral trade system and its process of joining the WTO,” says the Timorese government.
For the government of Timor-Leste, the bilateral agreement “also represents a significant step towards boosting national economic growth, trade relations and efforts” by the country to join the Association of Southeast Asian Nations (ASEAN) and “strengthens diplomatic relations” with Indonesia.
“Timor-Leste’s accession to the WTO is a top priority,” said the deputy prime minister and Timor-Leste’s chief negotiator for accession to the trade organisation, Francisco Kalbuadi Lay, quoted on the government’s website.
Lay also stressed that Indonesia should continue to be the country’s “most important trading partner” in both the World Trade Organisation and ASEAN.
According to the WTO, the working group for Timor-Leste’s accession to the organisation was established in December 2016.
Source: Macau Business
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