Abstract
East Timor will soon achieve full independence and statehood. Its initial concerns as a newly independent state are political and economic stability. The current UN presence in East Timor should help ensure that the former concern is addressed so that the transition from a war torn non self-governing territory to a democratically elected government proceeds as smoothly as possible. The latter concern over East Timor's future economic stability is currently tied-up with continuing negotiations over the division of oil and gas revenues derived from a joint development arrangement, namely the Timor Gap Zone of Co-operation Treaty. This bilateral treaty was initially agreed in 1989 between Indonesia, which controlled East Timor from 1975 to 1999, and Australia. Its terms are currently being enforced on a provisional basis as agreed between the United Nations Transitional Administration of East Timor (UNTAET) and Australia while its future is being negotiated.
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