Maldives and Turkey have signed a free trade agreement, which the government believes would benefit Maldivian businesses.
Maldives and Türkiye signed a free trade agreement today.
The agreement was signed by Maldivian Economic Minister Mohamed Saeed and Türkiye's Trade Minister Prof. Ömer Bolat.
A statement issued by Economic Minister Saeed branded the agreement signing as historic, and said that "exports from Maldives will now enjoy significant tariff reductions on over 100 items, including "0" tariff to several fish and fish products to the Türkiye market of over 85 million people."
Today we signed the historic PTA between🇲🇻🇹🇷. Exports from Maldives will now enjoy significant tariff reductions on over 100 items including “0”tariff to several fish&fish products to the🇹🇷mrkt of over85m ppl.This was made possible by HEP Dr @MMuizzu during official visit in 2023 https://t.co/PW6D5wowWo pic.twitter.com/MDJVJRR7rJ
— Mohamed Saeed (@em_saeed) November 4, 2024
The Ministry also issued an official statement, adding that the agreement would reduce trade barriers between the two countries, strengthen trade relations and facilitate affordable access to Türkish products for Maldivian businesses.
The agreement's discussions were held with Türkish President Recep Tayyip Erdogan, in November last year during President Dr. Mohamed Muizzu's state visit to Türkiye.
"This agreement represents a concrete step forward in implementing the broader vision of cooperation discussed between President Dr. Muizzu and President Erdogan, encompassing areas such as trade, investment, renewable energy, and higher education, further solidifying the strong partnership between both nations," the Economic Ministry's statement reads.
Along with this free trade agreement, Maldives also plans to implement the one signed with China. At the same time, the island nation is in discussions to establish similar agreements with India and the UK as well.
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