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MEKAE informs PM, TL’s preparation for WTO membership

MEKAE informs PM, TL’s preparation for WTO membership

Coordination Minister of Economy Affairs, Joaquim Amaral

DILI, 23 july 2021 (TATOLI)—The Coordinating Minister for Economic Affairs (MEKAE), Joaquim Amaral, together with the World Trade Organization (WTO) Team, today held a meeting with the Prime Minister, Taur Matan Ruak, to update Timor-Leste’s preparations for the WTO membership.

The meeting was to update Timor-Leste’s preparation for the second High-Level Negotiation meeting of the WTO Working Group, which will be held on july 29, this year.

Joaquim Amaral, the Coordinating Minister for Economic Affairs (MEKAE) informed that on the second High-Level Negotiation meeting of the WTO Working Group, Timor-Leste would participate to present and discuss its preparation regarding those requirements for joining WTO.

“There are advantages of becoming a member of the WTO, especially in the economic development and investment. But there are also heaps of requirements that Timor-Leste must fulfill to become a member of the WTO,” Amaral told reporters after meeting Prime Minister, Taur Matan Ruak at his residence in Dili, today.

Amaral said one of the requirements that Timor-Leste needs to fulfill is that its products must meet the international standards set by WTO, saying having Trade Policy Regime is important.

“The national and international private sectors cooperation is important for foreign investment, which will create more job opportunities.  Timor-Leste must ensure Trade Policy and Law to protect the foreign investment in the country,” said Amaral.

In addition, he said that if Timor-Leste increases its products then it will reduce the imported goods from other countries: “Therefore, Timor-Leste must invest in productive sectors to boost its products in terms of quantity and quality.”

“To become a member of WTO, the nation must ensure high-quality of its products. Timor-Leste’s productive sectors, such as fisheries, petroleum and minerals, agriculture, and tourism will attract foreign investors into the country,” said Amaral.

He added MEKAE had prepared a factual summary, which is a list that includes all types of Timor-Leste products to be presented during the second High-Level Negotiation meeting of the WTO Working Group.

Journalist: Filomeno Martins

Editor: Rafy Belo

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