Ministry of Foreign Affairs announced on Thursday that a free trade agreement was being drawn up between Maldives and the United Kingdom.
Minister for Foreign Affairs Abdulla Shahid said that this was the result of the hard work this administration has put in the past four years to reduce the 20 percent duty imposed on fish products exported from Maldives to the UK.
"Through this development, the economic ties between Maldives and the UK will be reinforced, and business relations between the two countries will further strengthen," he said.
Regarding this agreement, the High Commissioner of the UK said in a statement that they will be collecting public comments and opinions over the next eight weeks for this agreement.
Welcome the announcement of the United Kingdom 🇬🇧, to begin the process for a Free Trade Agreement with the Maldives 🇲🇻.
— Abdulla Shahid (@abdulla_shahid) June 8, 2023
This is the culmination of targeted, and sustained efforts by President @ibusolih over the past 4 years, to eliminate the 20% tariff imposed on fishery…
When Maldives achieved the status of a middle-income nation in 2013, a 24 percent tariff was imposed on imports from EU nations, including the UK.
This increased the price of fish products being exported from Maldives. The previous administration had also been engaged in discussions aimed at reducing these tariffs.
Last year in December, President Ibrahim Mohamed Solih had announced that the discussions had reached a solution.
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