“Free trade agreement with Türkiye will be implemented early next year”

Minister of Economic Development and Trade Mohamed Saeed has announced that the free trade agreement made with Türkiye will be implemented early next year. The free trade agreement was signed between the Maldives and Türkiye on November 4, aimed at strengthening the bilateral relations in terms of trade. Speaking at a programme aired on PSM News, Minister Saeed stated that the agreement will take effect during the first quarter of next year. The minister assured that the agreement will prove to be beneficial for Maldivians. As such, the agreement will not only ease fish exports to Turkiye but also reduce trade barriers, bolster trade relations between the two countries, and facilitate increased bilateral trade. Maldivian fish exporters will also have the opportunity to expand their business in the Turkish market, while Maldivian consumers and businesses will benefit from access to Turkish products at lower prices. The agreement was discussed during President Dr. Mohamed Muizzu’s visit to Turkiye in November last year, when he met with Turkish President Recep Tayyip Erdogan to discuss enhancing bilateral relations. The two leaders engaged in extensive discussions on strengthening economic ties, including cooperation in trade, investment, renewable energy, and higher education. Additionally, the government has been exerting efforts to implement the free trade agreement made with China from January 1, 2025. Minister Saeed notes that this agreement will facilitate a variety of opportunity and benefits for businesses. The free trade agreement was signed between the two states in 2014, and its implementation was approved by the Parliament in 2017. However, the implementation had been delayed following a change in government in 2018. Despite this, President Dr. Muizzu has decided to ensure the implementation of this agreement, since he took office. According to the government, the trade activities between the Maldives and China are worth USD700 million. The government expresses confidence that this amount will be boosted to USD1 billion, following the implementation of the free trade agreement.