The primary issue is that we ourselves must identify what hinders our economy. We did not join ASEAN to rely on assistance from ASEAN; we have to take initiative,” stated Prime Minister Xanana Gusmão to journalists following a meeting with Timorese President José Ramos-Horta at the Presidential Palace in Dili.
To expedite the development of the national economy, Timor-Leste will establish the National Development Bank of Timor-Leste to support the private sector and national entrepreneurs through credit provision, Xanana Gusmão announced.
“We see many Timorese already involved in the private sector but lacking financial resources. It is precisely because of this shortage that funds will be available next year to support them,” he commented.
The Prime Minister expressed concern over the country’s heavy reliance on imports, emphasizing that Timor-Leste could increase production, yet the private sector remains weak and mainly focused on construction.
“We cannot join ASEAN thinking we can rest easy and that ASEAN will handle everything for us. It doesn’t work that way,” Xanana Gusmão stressed.
This week, ASEAN and Timor-Leste concluded negotiations on Market Access towards Timor-Leste’s integration into the ASEAN Trade in Goods Agreement (ATIGA).
ATIGA aims to ensure the free flow of goods among member states, reduce tariffs and taxes on imported goods, lower costs for businesses, enhance trade, and create economies of scale.
For instance, Brunei, Indonesia, Malaysia, Singapore, and Thailand have eliminated 99.65% of customs tariffs in intra-ASEAN trade, while Cambodia, Laos, Myanmar, and Vietnam have reduced 98.96%.
On Friday, the Prime Minister and the Timorese President will travel to Kuala Lumpur, Malaysia, to attend the formal membership ceremony and the summit of ASEAN Heads of State and Government on Sunday.
“On October 26, we become ASEAN members. I have informed the President of the Republic that all necessary procedures have been completed, both by parliament and the Government. Everything is finalized,” declared Xanana Gusmão.
Timor-Leste will become the 11th ASEAN member this Sunday, 14 years after applying for admission.
ASEAN was established in 1967 by Indonesia, Singapore, Thailand, Malaysia, and the Philippines and later joined by Brunei Darussalam, Cambodia, Laos, Myanmar, and Vietnam.
