Ministry of Economic Development has revealed plans to sign a Free Trade Agreement (FTA) with Hong Kong.
One important objective of the government during the past four years was the development of a steady economy in the country and overcoming challenges faced in ensuring a stable and an advanced economy, Deputy Minister at Economic Ministry Adam Thaufeeq stated speaking in a programme aired on PSM News. Deputy Minister Adam Thaufeeq highlighted major efforts were exerted to change the traditional dependence on tourism to further develop the economy. Noting that even though the GDP is relatively low in Maldives compared to other countries, Adam Thaufeeq said Maldives has become a well-known tourism destination across the world.
Moreover, highlighting that establishing FTAs with economically stable countries pave way for opportunities to develop the Maldivian economy, Deputy Minister Adam Thaufeeq said invitations have been extended to several countries to establish FTAs with Maldives. Some countries have expressed interest revealed Adam Thaufeeq, adding discussions are currently ongoing with Hong Kong which will be concluded soon.
Discussions with the government of Hong Kong to establish a FTA commenced in January. Maldives first signed a Free trade agreement with China on December 7, 2017.