The Maldives has welcomed the announcement by the United Kingdom (UK) to commence an eight-week call for input in preparation to negotiate a Free Trade Agreement (FTA), inviting businesses, organisations, and individuals to help shape the negotiating aims of the UK with the Maldives.
The UK has highlighted that the Maldives is one of the few countries within the Commonwealth of Nations that it has not pursued an FTA with or offered preferential market access through an existing Trading Scheme framework. Strengthening the competitiveness of the economy in the Maldives and creating favourable market opportunities for local businesses has been a top priority under the administration of President Ibrahim Mohamed Solih. Over the past four years, the Maldives has actively pursued negotiations with the UK and strived to eliminate the existing 20% tariff imposed on Maldivian fish exports.
Through the FTA, the Maldives will seek to gain preferential treatment for the goods traded to the UK and access to its market by the elimination of tariffs. The trade deal is expected to enhance bilateral trade between both countries, opening new avenues of economic growth and prosperity.
The Maldives is confident that this trade agreement will bolster economic cooperation between both countries.