Prime Minister Modi announced plans to discuss an FTA between Maldives and India.
Maldives and India have decided to commence discussions to establish a Free Trade Agreement (FTA) between both countries, announced India's Prime Minister Narendra Modi.
Modi made the announcement during a joint statement with President Dr. Mohamed Muizzu, during the president's ongoing trip to India.
The Prime Minister said during their meeting, they engaged in discussions to work together in various fields.
During these discussions, a decision was made to commence discussions to establish a Free Trade Agreement, in order to expand economic relations, he said.
Trade transactions between the two countries will also be possible via local currencies, Modi said, adding that Maldives is not just a neighbouring country, but also a strong ally. As such, India has always provided assistance to Maldives whenever needed, he said.
"India has fulfilled its responsibility as a neighbour," he said.
FTA talks with India commenced at a time when the FTA signed with China in 2014 is set to be implemented starting next year.
Maldives has also decided to move forward with a Preferential Trade Agreement with Türkiye.
Following talks between the President and Modi, India has approved a facility to swap USD 400 million and Rs. 30 billion split into multiple withdrawals.
During the visit, President Muizzu and First Lady Sajidha are scheduled to visit India's capital New Delhi, Agra, Mumbai and Bangalore to partake in official meetings and discussions to strengthen bilateral trade.
The President's trip to India marks his first official visit to the country since assuming power as President. However, he attended the swearing-in ceremony of Prime Minister Narendra Modi for a third term in June. During the visit, the two leaders also held talks to strengthen bilateral relations.
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