President Ibrahim Mohamed Solih has submitted a motion to the parliament to ratify Maldives becoming a signatory to the World Trade Organisation's Trade Facilitation agreement.
President's Office said the intended outcome of the aforementioned trade facilitation agreement is to ease the burden on trade, by establishing a rule-based and transparent regime pertinent to the conduct of business within and between countries.
Some of the core aims of the agreement encompasses: expediting the movement, release and clearance of goods, including goods in transit; facilitating effective cooperation among members on trade facilitation and customs compliance issues; and enhancing assistance and support for capacity building for developing and least developed countries.
Once the agreement enters into force it is expected that it will be a great boon to the country's economy, by making it easier to export wares as well as import goods from abroad at cheaper prices, benefiting Maldivian consumers.
Given the expected benefits of this agreement and the likely ratification this bill by the parliament, work and legislative review relevant to preparing implementing the provisions of the agreement are already underway at the President's Office.