President Dr Muizzu announces FTA implementation with China by September
President Dr. Muizzu has announced that the Free Trade Agreement (FTA) with China is expected to be implemented by the end of September.
He made these remarks during his speech at the official Independence Day function held at the Maldives Centre for Social Education (MCSE) on Friday night.
This agreement will exempt 298 species of fisheries from duty and make a total of 7,897 value-added items across nine sectors duty-free, presenting a significant opportunity for Maldivian businesses to engage with China.
Hopefully, the FTA will be implemented before the end of September. As a result, 298 species of fisheries will be exempted from duty. A total of 7,897 items of value-added items in nine sectors are being duty free. This is a great opportunity for Maldivian bussinesses to do business with China,
President Dr Muizzu stated
The Maldives and China originally signed the Free Trade Agreement on December 18, 2014, during former President Yameen's visit to China.
The agreement, backed by the majority coalition of the Progressive Party of Maldives (PPM) and Maldives Development Alliance (MDA), was approved by the parliament on November 29, 2017.
Despite this initial approval, the agreement has not been implemented under the previous government, which cited the need for a review.
The Maldives Parliament's approval in November 2017 made it the second South Asian country, after Pakistan, to enter into a Free Trade Agreement with China.
Negotiations for the FTA began in 2015 and concluded in September 2017.
As the 16th FTA signed by China and the first bilateral FTA for the Maldives, this agreement marks a significant step in strengthening economic ties between the two nations.
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