Indonesia, Timor Leste agree on investment treaty talks

Indonesian President Joko Widodo (R) and Timor Leste Prime Minister Taur Matan Ruak (Photo: tempo.co) 

Jakarta (VNA) – Indonesian President Joko Widodo and Timor Leste Prime Minister Taur Matan Ruak agreed on a number of commitments, including one related to the establishment of a bilateral investment treaty, during their meeting in Jakarta on February 13.

Speaking at a press conference, President Widodo said both sides agree to push for the start of negotiations on the deal which aims to support economic cooperation, particularly the development of economic zones in border areas between East Nusa Tenggara province and Timor Leste’s special administrative zone Ouecusse.

He expressed his joy over closer land connectivity between the two countries following the launch of the Kupang - Dili bus route operated by Indonesian bus operator DAMRI last November.  He also encouraged sea transportation logistics costs for business activities to be lowered.

Both countries concurred on completing negotiations for the two remaining land border segments -- the Noel Besi-Citrana Segment and the Bidjael Sunan Oben segment -- in 2023, he said.

During the state visit to Indonesia by Timor Leste President Jose Ramos Horta in July last year, the two sides inked four memoranda on agriculture, bus cross-border movement, standardisation and metrology, and technical cooperation in the trade sector./.