President Dr. Mohamed Muizzu has stated that the Maldives is ready to implement the Free Trade Agreement (FTA) with China. He made the statement while delivering his remarks at the Invest Maldives Forum in Fuzhou, China.
Speaking at the Invest Maldives forum, President Muizzu said that his government's vision for the development of the Maldives is one of engagement, partnership building, and focused delivery. He also highlighted is efforts to bring about a major transformation in the economy of the Maldives over the next 10-15 years, increasing the GDP from USD6 billion to USD12 billion.
Moreover, President Muizzu emphasized the prominence of his visit to China, as it is his first state visit to a foreign nation. Reflecting on the long-standing and fruitful government-to-government and business-to-business cooperation between the two countries, the President expressed his delight at the strong presence of both Chinese and Maldivian businesses at the forum.
Additionally, President Muizzu spoke on the long-standing relationship between the Maldives and China, which dates back to the ancient Maritime Silk Road. He said that China remains one of the closest allies and developmental partners of Maldives. He also noted that the Maldives became a party to President Xi Jinping's Belt and Road Initiative in 2014, which delivered significant infrastructure projects in the Maldives.
Furthermore, President Muizzu highlighted his vision for the expansion of the central airport and commercial port, emphasizing that the government is keen to explore partnerships under the framework of the Belt and Road Initiative. He also highlighted the Free Trade Agreement signed between China and the Maldives, citing that the FTA would boost bilateral trade and investments, particularly by increasing the export of fish products to China, marking it as a key priority explored within the FTA. He noted that this is the first such agreement signed by China with a South Asian country and that the Maldives is ready to implement the agreement as soon as possible.
The Maldives signed the FTA with China in 2014 and the Parliament approved the implementation of the agreement in 2017. However, the initiative has been at a standstill since the transfer of government in 2018.