Timor-Leste Prepares For Membership in ASEAN

Timor-Leste Prepares For Membership in ASEAN

Dili, Timor-Leste, May 30, 2011 – Government ministers and officials, Asian Development Bank (ADB) officials, representatives of non-government organizations and civil society, academia, the private sector and development partners met today for a joint consultation on Timor-Leste’s preparations to join the Association of Southeast Asian Nations (ASEAN). The joint consultation follows Timor-Leste’s March 2011 application for full membership of ASEAN.

The meeting was organized by the Timor-Leste Ministry of Foreign Affairs and Ministry of Finance with the support of ADB and the ADB Institute.

During the consultations, stakeholders discussed the challenges faced in preparing for ASEAN membership. The Ministry of Foreign Affairs addressed the broad benefits of ASEAN membership while the Ministry of Finance explained how joining the ASEAN Economic Community would contribute positively to the nation’s economic development.

ADB's long-term strategic framework, Strategy 2020, makes regional cooperation and integration (RCI) one of the five core areas for achieving its mission to reduce poverty in Asia and the Pacific. ADB is integrating regional cooperation and integration into all operations to help developing member countries address regional challenges and opportunities through collective action.

“Regional cooperation contributes to increase trade and investment and overall economic growth, while also improving regional stability,” said Craig Sugden, Resident Representative of the ADB in Timor-Leste. “ADB is pleased to support the Government of Timor-Leste as it pursues closer ties with Southeast Asia.”

Participants also discussed a new study coordinated by the ADB Institute that is helping ASEAN member countries define a shared vision for the region by 2030. Timor-Leste is participating in this study, which will identify actions needed to bring most ASEAN economies to fully developed status by 2030.

Since Timor-Leste became an ADB member in 2002, it has received 6 grants from the Trust Fund for East Timor ($52.8 million), 3 Asian Development Fund (ADF) grants ($62.0 million), and 31 Technical Assistance (TA) projects ($29.11 million). Two ADF grants ($52.0 million) and 6 TA projects ($18.4 million) are active.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members -- 48 from the region. In 2010, ADB approvals, including co-financing, totaled $17.51 billion. In addition, ADB's ongoing Trade Finance Program supported $2.8 billion in trade.

ENDS

© Scoop Media