Minister Saeed stated that the Maldives-Turkey Free Trade Agreement is likely to come into force by December this year or January 1, 2025.
Maldives has formulated the Maldives-Turkey Free Trade Agreement (FTA), the Minister of Economic Development and Trade announced yesterday.
Speaking on state media PSM's "Raajje Miadhu" program, the minister stated that the Preferential Trade Agreement (PTA) for the FTA was finalized on Thursday. The next step, he said, would be to submit the agreement to the Turkish parliament for approval.
"Once approved, the two countries will sign it. We expect it to take effect around December or by January 1," Minister Saeed said.
The President has maintained close ties with Turkey since taking office, with negotiations on the free trade agreement between the two countries beginning in March of this year.
Earlier, the Maldives government indicated that 214 items would be eligible for export to Turkey at a zero percent tariff under the FTA. Minister Saeed revealed that the Maldives has requested the Turkish government to reduce duties on 38 additional products.
"Turkey has reduced the duty on most items. However, we still have 38 items with a zero tariff," he said, highlighting yellowfin tuna, skipjack tuna, dried fish, and various fish products as top priorities.
Saeed noted that Turkey is a major processor of fish caught by European countries, making Turkey a strong lobby.
In addition to the agreement with Turkey, the Maldives has also decided to implement the 2018 Free Trade Agreement with China. The two countries have agreed to continue raising awareness among customs and border officials over the next two months.
"The current free trade agreement between China and the Maldives can be activated whenever the two countries decide. There are no legal or technical obstacles," Saeed said.
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