The Association of Southeast Asian Nations (Asean) has endorsed a roadmap outlining steps for Timor-Leste to become the bloc's 11th member, a move that will benefit Thailand economically, a senior official at the Ministry of Foreign Affairs said on Wednesday.
Auramon Supthaweethum, director-general of the Trade Negotiations Department, said the roadmap to gain full membership was endorsed during the 42nd Asean Summit held in Indonesia on May 9-11.
Timor-Leste submitted its request to become a full member in 2011. At the 41st Asean summit in Phnom Penh, Cambodia, in November last year, the bloc agreed in principle to accept the request. Timor-Leste was also granted observer status at that time.
Ms Auramon said the roadmap covers political, security, economic, and socio-cultural aspects, and Timor-Leste must sign 66 key agreements, including the Asean Trade in Goods Agreement (Atiga) and the Asean Comprehensive Investment Agreement (Acia), to obtain full membership.
She added that Timor-Leste will also need to sign other agreements within two years and join talks on free trade agreements between Asean and its partners within five years after gaining full membership.
With Timor-Leste as the 11th member, Asean's market will grow to 673.8 million people, she said, adding that economic ties between Thailand and Timor-Leste will be strengthened.
Thailand is expected to gain tax benefits in trade, she said.
Although Timor-Leste is a small country, its economy is growing, and it wants Thai imports, she said.
The growth in Timor-Leste offers Thai businesses good investment opportunities, she said, urging Thai investors to study the new market.
"Thailand and Timor-Leste have had diplomatic relations for over 21 years and have maintained good economic ties.
"When Timor-Leste becomes an Asean member, bilateral economic relations will deepen, and trade and investment opportunities will expand," she said.
Timor-Leste is Thailand's 129th trade partner, with trade value amounting to US$52.5 million (1.8 billion baht) last year, an increase of 349.31%.
Thai exports to Timor-Leste were worth $14.87 million, mainly automobiles and auto parts, rice, petroleum products, canned and processed seafood. Thailand imported $37.63 million worth of goods from Timor-Leste, including crude oil, plants and plant-based products, paper and electric appliances and parts.