For the first time, Australia and Timor-Leste have agreed a permanent maritime boundary.
The Treaty establishes permanent maritime boundaries between Australia and Timor-Leste in the Timor Sea and a stable legal framework for resource development. This will provide certainty and stability for businesses and investors.
The Treaty provides for both countries to develop the Greater Sunrise gas fields together and share in the benefits. This recognises both Australia and Timor-Leste have legitimate sovereign rights as coastal states under UNCLOS.
The Treaty will support Timor-Leste's economic development by providing new opportunities for income and commercial and industrial development. Seventy or eighty per cent of revenue from Greater Sunrise will flow to Timor-Leste, depending on how the resource is developed.
The treaty upholds Australia's commitment to international rules and reinforces peaceful dispute resolution norms, especially through the UNCLOS.