The Association of Southeast Asian Nations (ASEAN) has endorsed a roadmap outlining steps for Timor-Leste to become the bloc’s 11th member, a move that will benefit Thailand economically, a senior official at the Ministry of Foreign Affairs said yesterday.

Auramon Supthaweethum, Director General of the Trade Negotiations Department, said the roadmap to gain full membership was endorsed during the 42nd ASEAN Summit held in Indonesia on May 9-11. The roadmap covers political, security, economic and socio- cultural aspects, and Timor-Leste must sign 66 key agreements, including the ASEAN Trade in Goods Agreement (ATIGA) and the ASEAN Comprehensive Investment Agreement (ACIA), to obtain full membership.

She added that Timor-Leste will also need to sign other agreements with two years and join talks on free trade agreements between ASEAN and its partners within five years after gaining full membership. With Timor-Leste as the 11th member, ASEAN’s market will grow to 673.8 million people, economic ties between Thailand and Timor-Leste will be strengthened.

Although Timor-Leste is a small country, its economy is growing, and it offers Thai business good investment opportunities, she said urging Thai investors to study the new market. Timor-Leste is Thailand’s trade partner with 1.8-billion-baht last year.

Thailand exports to Timor-Leste, mainly automobiles and auto parts, rice, petroleum products, canned and processed seafood. Thailand imported crude oil, plants and plant-based products, paper and electric appliances and parts from Timor-Leste.

Source: www.bangkokpost.gov   

(Economic Counsellor, Bangkok)