Minister of Economic Development and Trade Mohamed Saeed has announced that Maldives and Turkey are actively working towards establishing a free trade agreement (FTA), aiming to elevate their bilateral relationship and enhance trade and economic ties between the two nations.
In a social media post, Minister Saeed highlighted the efforts being made to bolster trade relations following the official visit of President Dr. Mohamed Muizzu to Turkey. This visit marked a significant milestone in strengthening ties between the two countries and laid the groundwork for further cooperation.
Minister Saeed disclosed that discussions for the FTA are currently underway, with the first roundtable meeting held on March 20 to discuss on the matter. The formulation of an FTA between Maldives and Turkey signifies a commitment to fostering mutually beneficial trade relations and facilitating economic growth.
President Dr. Muizzu's inaugural overseas visit to Turkey underscored the importance of the bilateral relationship, opening new avenues for collaboration and cooperation. During the visit, crucial discussions were held, and agreements were signed to enhance cooperation in various sectors, including investment, trade, and education.
Notable areas of discussion during the visit included the reduction of tariff rates on fish imports from Maldives to Turkey, collaboration in higher education and training, strengthening ties in high technology, and enhancing cooperation in fish processing. Additionally, discussions encompassed areas such as cybersecurity, civil defense, investment, and construction, highlighting the comprehensive nature of the bilateral relationship.
Establishing diplomatic relations with Turkey in 1979 laid the foundation for enduring ties between the two countries. The establishment of Maldives' Embassy in Turkey on n February 13 further underscores the commitment to expanding bilateral relations and fostering closer collaboration.