The government has announced that the Maldives-China Free Trade Agreement will result in trade activities between the two countries, worth USD 1 billion.
During a press conference held at the President's Office, Chief Spokesperson Heena Waleed emphasised the government's efforts, aimed at enhancing and strengthening the bilateral economic ties between the Maldives and China. Heena shed light on the currency settlement agreement signed between the two countries, under these efforts. She noted that this initiative will benefit the Maldives, ensuring utmost convenience for Maldivians travelling to China, to obtain any services or involve in trade activities.
The government declared that Maldives-China Free Trade Agreement will be implemented this month. Meanwhile, the Maldives signed of a Memorandum of Understanding (MoU) with the People's Bank of China (PBOC) on September 13, aiming to establish a framework for current account transactions and direct investments in their respective currencies. The government is confident that the MoU will play a pivotal role in reducing the dependency on dollars and appreciate the Maldivian currency, Rufiyaa (MVR). It further disclosed the plans of President Dr. Muizzu to reach similar agreements with other countries as well.