At the signing ceremony (Source: VNA) Hanoi (VNA) - Australia and Timor-Leste on March 6 signed a maritimeboundaries treaty at the UN Headquarters in New York in the presence of UNSecretary-General Antonio Guterres.
Thesigning of the maritime boundaries treaty marks the first conciliation betweenAustralia and Timor-Leste in accordance with the United Nations Convention onthe Law of the Sea 1982.
In astatement on March 7, Australia's Foreign Minister Julie Bishop said Australiawelcomes the signing of the treaty which put an end to the prolonged disputerelated to maritime border in Timor Sea.
Shehailed the treaty as an important step that opens up a new chapter in thebilateral relations and allows the joint development and management of theGreater Sunrise gas fields.
Thestatement also quoted Timor Leste's Borders Minister AgioPereira as saying that the treaty is a historical turning point for hiscountry as well as the Timor Leste – Australia friendship.
Australiaand Timor Leste started to discuss the settlement of territorial disputes in2002 when the latter separated from Indonesia.
In 2006, the two sides signed some marine dealsin the Timor Sea.
InOctober 2017, the Permanent Court of Arbitration said the two nations agreed onthe draft treaty, ending a decade-old dispute related to oil and gas fieldsbetween the two nations.
The Greater Sunrise field is estimated to hold144 billion cubic metres of gas and 226 million barrels of condensate gas,which are worth up to 40 billion USD.-VNA
VNA
