Minister of Economic Development and Trade Mohamed Saeed has said that the Free Trade Agreement (FTA) with China will come into force this year. He made the statement while speaking at a press conference held by the economic ministry.
Speaking at the press conference, Minister Saeed said the Maldives will be able to export 296 types of seafood to China without any tariffs under the agreement. He said the FTA would be submitted to the Parliament of the Maldives for approval.
Additionally, Minister Saeed said the agreement will bring many benefits to Maldivian businessmen. He said that some types of seafood can be imported from China and exported from the Maldives after collecting the price. He also said that the Maldives will also have many opportunities to export products such as fish.
Furthermore, Minister Saeed said talks are underway to establish FTAs with other countries besides China. As such, he said that the agreement with Turkey is expected to be implemented this year. He also said that India has also expressed interest in establishing an FTA with the Maldives.
The Maldives signed an FTA with China in 2014. The agreement was approved by the Parliament in 2017 but was delayed until the transition of government in 2018.