E.Timor, Aust to sign maritime border deal

Australia and East Timor will sign a deal this week to establish a maritime boundary in the Timor Sea for the first time.

Foreign Minister Julie Bishop will head to New York to sign the historic treaty at the United Nations headquarters on Tuesday.

Last week, the two nations finalised the agreement on their long-running border dispute and on the future carve-up of revenue from the giant Greater Sunrise oil and gas reserve.

"This marks a new chapter in our relationship with Timor-Leste, bringing us together as neighbours sharing a boundary, and as partners and friends," Ms Bishop said on Sunday.

Under the deal, the share of revenue from the offshore gas field will differ depending on downstream benefits that arise from "different development concepts", the Permanent Court of Arbitration said last Monday.