The Maldives Government has assured that the Free Trade Agreement with China will further boost the economy of the country. Speaking at a press conference held at the Maldivian Embassy in Sri Lanka, Minister of Fisheries and Agriculture Dr. Mohamed Shainee stated that Maldives will look to take maximum advantage of the Free Trade Agreement with China, and that it will further boost the economy of the country.
Fisheries Minister Mohamed Shainee said that the deal with China is not the first Free Trade Agreement established by Maldives. In this regard, Minister Dr. Shainee noted that Maldives already has established Free Trade Agreements with Sri Lanka and India and that the country strives to sign similar agreements with other countries, including European nations. However, the Fisheries Minister noted that Free Trade Agreements established with neighboring countries are not functioning efficiently.
Addressing the press conference, Maldivian Ambassador in Sri Lanka, Mohamed Hussain Shareef dismissed concerns raised by the opposition regarding the establishment of a Free Trade Agreement with China. The Maldivian Ambassador to Sri Lanka affirmed that the deal with China is not at the expense of compromising the security in the Indian Ocean. Ambassador Mohamed Hussain Shareef highlighted that the decision was not a swift decision and revealed that discussions were held with relevant Chinese authorities since 2014.
Speaking at the press conference, Attorney General Mohamed Anil expressed confidence that the agreement with China will be beneficial to Maldives, as it will increase the amount of fish exported from Maldives. Briefing the Sri Lankan media and newswire correspondents on political, economic and social developments in the Maldives, as part of Meeting the Press series, Minister of Fisheries and Agriculture, Attorney General and the Ambassador to Sri Lanka defended the Free Trade Agreement with China.
Under the deal signed, China will exempt Maldives exports from tax while Maldives will waive tariffs on Chinese imports. The government said the deal would help diversify the 3.6 billion U.S. dollar economy and boost fish exports, crucial since the European Union declined in 2014 to renew a tax concession. Fish products account for 5 percent of GDP and last year earned an income of 140 million U.S. dollars.
The government of President Abdulla Yameen Abdul Gayoom has had good relations with China since it came to power in 2013.