The landmark Preferential Trade Agreement (PTA) signed between the Maldives and Turkiye has officially come into effect, ushering in a new era of bilateral trade and economic cooperation between the two nations.
According to the government, both countries have completed all necessary legal procedures and exchanged final notifications in writing to implement the pact. With both parties agreeing to an official implementation date, the agreement was formally brought into force on 1 August 2026.
The roots of this historic agreement trace back to November 2023, when President Dr Mohamed Muizzu chose Turkiye for his first official overseas state visit after assuming office. During his visit from 26 to 29 November 2023, President Muizzu met with Turkish President Recep Tayyip Erdogan to discuss strengthening bilateral relations, with a strong focus on trade and investment.
These high-level discussions culminated in the official signing of the "Maldives-Turkiye Preferential Trade Agreement" in November 2024.
Under the terms of the agreement, import duties on 75 specific items will be either entirely exempted or significantly reduced. For the Maldives, a major highlight of the agreement is the facilitation of seafood exports to Turkiye, opening up a massive consumer market of 85 million people for the Maldivian fishing industry.
Additionally, the Maldives will benefit from preferential tariff concessions on various essential goods and basic food items imported from Turkiye. The Ministry of Economic Development, Transport and Trade said that expanding import channels in this manner will help stabilise market prices and bolster the Maldives' domestic economic resilience.
The Ministry highlighted that the entry into force of this agreement is a monumental step toward achieving the sustainable development goals envisioned during the leaders' initial meetings.
Describing the pact as a catalyst for mutual prosperity, the Ministry emphasised that the agreement symbolises a shared commitment to building robust international trade partnerships that secure essential goods, empower exporters, and foster inclusive, long-term economic growth.