New Free Trade Agreement being entered into with India

Minister of Economic Development and Trade Mohamed Saeed has said today that deliberations are ongoing to enter a new Free Trade Agreement with India.

In a press conference held today, Saeed said that India had initiated efforts to create a trade agreement between the countries.

"They want there to be a Free Trade Agreement with Maldives, in addition to SAFTA (South Asian Free Trade Agreement). The President has offered this opportunity for all countries," Saeed said.

While this new Free Trade Agreement is being worked on, India has even previously offered concessions on a number of products to the Maldives.

Saeed stated that the government aims to enter into agreements with as many countries as possible to offer ease in trade activities.

During President Dr Mohamed Muizzu's trip to Turkey, entering a Free Trade Agreement was agreed upon between Turkey and Maldives as well. Saeed said that with a further couple of meetings, this agreement can be finalized. Once this is in place, it will offer ease to those exporting fish products to the country, Saeed said.

"They are taking a high tariff now on imports. On yellowfin, skipjack, and some fish products like that. There will be a big change seen in those," he said.

Saeed asserted that efforts will be made to lower the tariff taken from exporters to zero percent.

The Minister further said that the government wishes to expand trade relations even under the Free Trade Agreement the previous administration had entered into with the UK. As such, new trade relations with the UK are in the plans, within the financial sector.