East Timor Joins ASEAN
East Timor, also known as Timor Leste, has been officially admitted into the Association of Southeast Asian Nations (ASEAN), marking a historic moment as it's the bloc's first expansion since the 1990s.
Key Highlights
- Dream Realised: Prime Minister Xanana Gusmao described the admission as a dream come true for East Timor, emphasizing the journey of resilience and determination.
- Economic Boost: As a member, East Timor, with a GDP of approximately USD 2 billion, gains access to the ASEAN economic community, which has around 680 million people and a USD 3.8 trillion economy.
Significance of Membership
- Regional Integration: Malaysian Prime Minister Anwar Ibrahim stated that East Timor's accession completes the ASEAN family and enhances regional kinship.
- Inclusivity and Adaptability: Analysts highlight ASEAN's commitment to regionalism and openness, even amid rising protectionism.
Historical Context
- East Timor was a Portuguese colony before declaring independence in 1975, followed by a 24-year occupation by Indonesia.
- Independence was formally restored in 2002, and the nation is currently led by Prime Minister Gusmao and President Jose Ramos-Horta, a Nobel Peace Prize laureate.
Challenges and Opportunities
- Economic Diversification: With high unemployment and poverty levels, East Timor seeks to diversify its economy beyond the oil and gas industry.
- Institutional Capacity: Joanne Lin from ISEAS–Yusof Ishak Institute mentions East Timor's need for technical and financial support to enhance its administrative capacity.
- ASEAN Benefits: Membership provides access to free trade deals, investment opportunities, and a broader regional market.
Future Prospects
East Timor aspires to leverage this new membership for growth in trade, investment, education, and the digital economy, marking the start of an inspiring new chapter.