The government has revealed that the free trade agreement, signed between the Maldives and China, will be implemented from September onwards. The agreement was signed between the two states in 2014, and its implementation was approved by the Parliament in 2017. However, the implementation had been delayed following a change in government in 2018.
Speaking at the official ceremony marking Independence Day, President Dr. Mohamed Muizzu stated that the government has been undertaking several initiatives in collaboration with neighbouring countries, which will also benefit individual businesses. Under these efforts, the president affirmed that the free trade agreement between the Maldives and China will be implemented from September onwards, following the completion of all the necessary legal procedures.
Speaking to PSM News, Minister of Economic Development and Trade Mohamed Saeed stated that the implementation of the agreement will create valuable opportunities for numerous businesses. Additionally, the minister stated that local producers, firms willing to export the local exportable products and those interested in producing re-exportable goods will also benefit from the agreement as well.
In addition to free trade agreements with China, the government stated that efforts are underway to formalise a free trade agreement with Turkey, adding that the efforts are currently at an advanced stage. The discussions were initiated during President Dr. Muizzu's official visit to Turkey. The agreement will permit free trade between the nation for 53 various goods, including fish products. The government has also expressed confidence that this initiative will assist in expanding trade with Turkey, as many goods will be offered duty-free.
Furthermore, the government is working to sign free trade agreements with the United Kingdom as well. President Dr. Muizzu also envisions to formalise the free trade agreements with India as well.