Monday, 06 May 2019 00:00

Indonesia, ADB and Timor Leste Sign Trade Agreement

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The government of Indonesia, the Asian Development Bank (ADB), and the government of Timor-Leste signed a memorandum of understanding –MoU to support cross-border trade and cooperation between Timor-Leste and the province of East Nusa Tenggara –NTT in Indonesia. The MoU was signed by ADB President -Takehiko Nakao, Finance Minister -Sri Mulyani and Timor Leste Finance Minister -Sara Lobo Brites on the sidelines of the 52nd annual meeting of the ADB Board of Governors in Nadi, Fiji's third largest city on Saturday (4/5). Based on the agreement, Indonesia and Timor-Leste will reduce barriers at the cross-border land and air transportation and harmonize procedures at border crossing points. Both sides also seek to reduce animal health barriers to livestock trade and improve tourism promotion in NTT and Timor-Leste through joint marketing.ADB President -Takehiko Nakao said that regional cooperation and integration are very important for sustainable and inclusive growth in Asia and the Pacific regions. This MoU is an important step in supporting cross-border cooperation between Indonesia and Timor-Leste. Supporting livelihoods in lagging border areas is very important to overcome inequality. Anyone can participate in increasing regional prosperity. The Memorandum of Understanding is built based on the 'Scoping Study on Increasing Cross-Border Cooperation and Integration between Indonesia and Timor-Leste' carried out by ADB at the request of the Indonesian and Timor-Leste governments. The study identifies various challenges and opportunities for cross-border collaboration and identifies tourism and livestock as the main sectors for short-term benefits through collaboration.Indonesian Minister of Finance, Sri Mulyani said that the Indonesian government is committed to reducing regional inequality in Indonesia, and East Nusa Tenggara is one of the less developed regions in Indonesia. Thus, it is necessary to increase connectivity, accessibility and capacity as well as cross-border economic collaboration. This Memorandum of Understanding is a complementary national strategy to support border areas with additional collaboration with Timor-Leste.Meanwhile, Minister of Finance of Timor Leste, Sara Lobo Brites said that Timor-Leste has made a significant step since independence. Timor Leste would like to integrate more closely with ASEAN and the world economy and diversify its economy. According to the Brites, reducing trade barriers and establishing cooperation with closest neighbors is a key step in achieving this goal. He welcomed happily the memorandum of understanding with ADB and Indonesia as a first step in a sustainable partnership and mutually beneficial for growth.

Read 300 times Last modified on Tuesday, 07 May 2019 10:27