Minister of Economic Development Fayyaz Ismail has stated that a Free Trade Agreement (FTA) between the Maldives and the United Kingdom (UK) is an important step forward for the economic growth of the Maldives.
In a tweet, Minister Fayyaz said the establishment of an FTA between both countries would facilitate the development of the fisheries sector and be beneficial for fishermen in the Maldives. He said it is the most important step in recent history to facilitate tariff-free exports of Maldivian fish products to the UK. In addition, he said that the negotiation process for an FTA between both countries is a very important step forward for the Maldivian economy. He also thanked the team from the Ministry of Economic Development and the Ministry of Foreign Affairs involved in the process for their efforts.
Also on Twitter, Minister of Foreign Affairs Abdulla Shahid welcomed the decision made by the UK to begin the process of establishing an FTA with the Maldives. He said it is the result of President Ibrahim Mohamed Solih's sustained efforts over the past four years to eliminate the 20% tariff imposed on fish exports to the UK. He also said it will further strengthen economic and trade relations between both countries.
The UK has issued a public notice for submissions to identify the constraints and challenges for organisations in the UK in doing business with the Maldives and to identify priorities for an FTA so that the UK can begin the process of establishing the agreement. The UK has invited businesses, organisations, and individuals to participate in an eight-week call for input in preparation to negotiate an FTA with the Maldives. The UK has also highlighted that the Maldives is one of the few countries within the Commonwealth of Nations that the UK has not pursued an FTA with or offered preferential market access through an existing Trading Scheme framework.