ASEAN Backs Timor-Leste’s Entry into RCEP After Granting Full Membership
Jakarta. The Association of Southeast Asian Nations (ASEAN) signaled on Thursday that Timor-Leste would join the Regional Comprehensive Economic Partnership (RCEP), the China-backed free trade pact, following its official accession as ASEAN’s newest member.
ASEAN Secretary-General Kao Kim Hourn confirmed that Timor-Leste’s participation in RCEP and other ASEAN-led initiatives was already being planned, though he stopped short of specifying a timeline.
“By becoming a formal ASEAN member, Timor-Leste will be part of every initiative, mechanism, and structure that we have in ASEAN, but also with our external partners,” Kao said in Jakarta.
“In that regard, I would say, yes, Timor-Leste will be working on [joining the RCEP] as well.”
Timor-Leste was formally welcomed as ASEAN’s 11th member during the bloc’s summit in Kuala Lumpur last weekend, marking the end of its 13-year bid for membership.
Kao said discussions at the Kuala Lumpur summit also focused on expanding the RCEP, with Chile, Sri Lanka, Hong Kong, and Bangladesh among the economies seeking to join.
“The summit called for the acceleration of the accession process to ensure RCEP’s openness and inclusivity. For the very first time, at the highest level, we are ready to move forward on the accession process,” Kao said.
The RCEP, which took effect in January 2022, is the world’s largest trade agreement, encompassing about 28 percent of global GDP. The pact aims to eliminate tariffs on 92 percent of traded goods within 20 years among its members, which currently include the 10 ASEAN nations, China, Japan, South Korea, Australia, and New Zealand.
Timor-Leste first applied for ASEAN membership in 2011, with President José Ramos-Horta famously quipping that “the road to heaven is easier than the road to ASEAN.” The bloc agreed “in principle” to admit Timor-Leste in 2022, granting full membership three years later.
Prime Minister Xanana Gusmão hailed the milestone, saying it would open new economic and development opportunities for the young nation.
“For Timor-Leste, this new beginning brings immense opportunities in trade, investment, education, and the digital economy,” Gusmão said.
Tags: Keywords:Related Articles
ASEAN’s $4 Trillion Economy Held Back by Weak Regional Integration
ASEAN faces growing fragmentation as member states prioritize national interests over regional integration.
Don't Rush to Expand RCEP Trade Deal: Ex-Negotiator
A former Indonesian trade negotiator says it'd be best for RCEP members to focus on ramping up the deal’s utilization rate.
Indonesia’s One-Gate Export Sparks Monopoly Fears Amid a ‘Broken’ ASEAN
Danantara Sumber Daya Indonesia has both monopsonistic and monopolistic power, economist says.
Timor-Leste Wants to Chair ASEAN in 2029
Timor-Leste wants to chair ASEAN in 2029, about four years after the group brought Dili into its fold.
Indonesia Welcomes Myanmar Ex-Leader’s Move to House Arrest
Indonesia says that Myanmar ex-leader Aung San Suu Kyi's transfer to house arrest is a "progress toward a positive trajectory".
ASEAN Kicks Off Cebu Talks as Bloc Mulls Sharing Fuel
ASEAN is eyeing to have an emergency fuel-sharing mechanism as the energy crunch from the Iran war persists.
ASEAN Agrees to Avoid ‘Unnecessary’ Trade Barriers as Iran Crisis Stings
ASEAN says any emergency measures must be temporary, and not create unnecessary barriers to trade as the group deals with the Iran crisis.
Bruneian MSMEs See Dollar Signs in Indonesian Export
For Brunei, the ASEAN-EU talks on April 27-28 were a chance for the country’s small-scale businesses to gain exposure.
Indonesian Vice Foreign Minister Joins Brunei's ASEAN-EU Talks Amid Hormuz Worries
Southeast Asian and European chief diplomats are gathering in Brunei at a time when the world grapples with the Strait of Hormuz blockade.
UN Says Indonesia to Grow 4.9% This Year, Malaysia at 4.4%
The UN ESCAP says that Indonesia's real GDP growth is expected to ease from 5.1% in 2025 to 4.9% the following year.The Latest
W. Jakarta Immigration Chief Detained in Probe Into Foreign Residency Permit Corruption
The Corruption Eradication Commission has detained an immigration chief as it investigates alleged corruption in foreign residency permits.
Jakarta Stocks Plunges 5% Midday as Rupiah Hits Record Low at Rp 17,900
JCI plunged nearly 5% after the rupiah hit a record low against the US dollar, triggering a broad market selloff.
Rupiah Hits Rp 17,926 Against US Dollar Amid Oil Surge and Geopolitical Risks
Rupiah fell to Rp 17,926 per US dollar as rising oil prices, Middle East tensions, and strong dollar demand weighed on sentiment.
Indonesia to Cut Royalty Income Tax for Writers to 1.5%
The tax cuts will be available for authors who publish work with a clear International Standard Book Number (ISBN).
Shinhan Bank Indonesia Launches Flazz Top-Up Feature on SOL Indonesia Application
Shinhan Bank Indonesia enables seamless Flazz top-ups via the SOL Indonesia mobile banking app.Most Popular
