Minister of Economic Development and Trade Mohamed Saeed said that the Free Trade Agreement (FTA) with China will allow the Maldives to export 296 items of fish and processed seafood products without incurring duties.
The Maldives and China signed an FTA in December 2017 but the previous government had suspended the implementation of the agreement. At the Invest Maldives Forum, President Dr. Mohamed Muizzu said his administration is ready to implement the FTA with China.
Speaking to PSM News, Minister Saeed said that the FTA with China will create many economic opportunities for the Maldives, especially in exporting and re-exporting fish products. He highlighted that the Maldives does not produce 296 seafood products but that the goal is to import seafood that is not available in the Maldives and re-export it. He also said that the agreement is a favorable opportunity for free trade.
Additionally, Minister Saeed noted that the FTA allows the Maldives to travel to all destinations in China and is also a good opportunity to increase the number of tourists arrivals to the Maldives. He highlighted President Dr. Muizzu's decision to introduce a wide-body aircraft for the national airline Maldivian.
Furthermore, Minister Saeed said that the FTA is an important agreement designed to benefit the Maldives. He described it as an agreement that shows that there is opportunity for a small economy such as the Maldives to work with advanced economies.