Timor-Leste Eyeing Trade, Investment Opportunities in ASEAN

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Oct 3 (Bernama) -- Timor-Leste, Southeast Asia’s youngest nation is finalising preparations for its imminent entry into ASEAN as a full member this month, having fulfilled 97 per cent of the regional bloc’s membership requirement.

Timor-Leste’s Minister of Commerce and Industry, Filipus Nino Pereira said the country was encouraged by ASEAN’s economic activities, adding that joining the bloc by October would present both challenges and opportunities.

He said the priority was to prepare the nation’s economy for integration, particularly in trade, services and investment.

Pereira said this to Bernama on the sidelines of the just-ended 57th ASEAN Economic Ministers (AEM) and Related Meetings, which he had attended as an observer.

Communications Minister Datuk Fahmi Fadzil said Timor-Leste would most likely be granted ASEAN membership on Oct 26, when Malaysia chairs the 47th ASEAN Summit.

Pereira also confirmed that Timor-Leste’s Prime Minister Kay Rala Xanana Gusmão and senior government officials are expected to participate in the ASEAN Summit in October, where the country’s accession will be formalised.

Timor-Leste’s application for ASEAN membership was first submitted in 2011, and the nation was granted observer status in 2022.

Since then, ASEAN has adopted a phased approach to support its integration, including pilot participation in ministerial-level meetings and technical cooperation initiatives.

Pereira said Timor-Leste is currently engaging in bilateral meetings with ASEAN member states to obtain feedback on market access, investment potential and service sector liberalisation.

“Related legislative processes are underway in parliament and are expected to conclude by early October.

“The country is also encouraging its private sector to explore ASEAN’s business councils and regional initiatives, which will open more opportunities for our industries ranging from agriculture to tourism and to participate in the regional economy,” he added.

Southeast Asian leaders have agreed to admit the country as the bloc’s 11th member at the upcoming 47th ASEAN Summit in Kuala Lumpur later this month.

After gaining its independence on May 20, 2002, from Indonesia, Timor-Leste has been focusing on capacity building, economic development and regional diplomacy as part of its preparations for full ASEAN integration.

With a population of nearly 1.4 million, the country is working to harness its natural resources, alongside its tourism, coffee and fisheries sectors, to strengthen its economic resilience.

-- BERNAMA