Maldives is exploring opportunities to leverage the Free Trade Agreement (FTA) with China to boost the export of its fish products to the east Asian nation.
The visiting China Chamber of Commerce of Foodstuffs and Native Produce (CFNA) delegation had met Maldivian sea cucumber exporters on Thursday to explore opportunities for boosting exports, likely leveraging the FTA's provisions for duty-free access to the Chinese market for fish products, including sea cucumber.
The discussions were also centered around the present logistical challenges faced by local exporters and means to overcome them in partnership with CFNA.
The CFNA delegation arrived on 14 April to research and explore export opportunities under the China-Maldives FTA.
During the visit, the delegation had also met officials of the Ministry of Economic Development and Trade, Maldives Customs Service, Maldives Food and Drug Authority (MFDA) and the Maldives Industrial Fisheries Company Limited (MIFCO).
The FTA, signed in 2014 and approved by the Maldivian Parliament in 2017, had its implementation suspended following a change in administration in 2018. President Dr Mohamed Muizzu, who assumed office in November 2023, and his administration have been working diligently to bring the FTA into effect. As of 1 January, the agreement is now fully operational.
The FTA enables all fishery products processed and produced in the Maldives to be exported to China at a zero-rate tariff. This measure is projected to significantly boost the export potential of Maldivian seafood, which continues to be the nation's largest export commodity.
Duty exemptions will be applied to 296 categories of seafood, including sea cucumber, salted fish, grouper, mariculture products, skipjack tuna, and yellowfin tuna.