China-Maldives FTA is a golden gateway for Maldives’ economic growth: Chinese Ambassador
The China-Maldives Free Trade Agreement (CMFTA) marks a significant milestone in bilateral relations and represents a tangible step toward deeper economic integration between China and the Maldives, the Chinese Ambassador to the Maldives, Kong Xianhua stated.
In a recent statement, the Ambassador emphasized that the CMFTA is not only a symbol of strengthened cooperation under the China-Maldives Comprehensive Strategic Cooperative Partnership, but also a practical tool offering real economic gains to Maldivians.
During the negotiation process, the Ambassador noted, China respected the Maldives’ needs and made significant trade concessions.
These included tariff eliminations on 91.1% of Maldivian exports to China and streamlined customs procedures, particularly for perishable items like marine products.
“China’s policy is guided by sincerity, inclusivity, and mutual respect. As the first major economy to sign an FTA with the Maldives, China sets an example for fair and mutually beneficial cooperation between large and small countries,
He stated
The agreement is already showing results, as of January 1, 2025, tariffs on over 70% of Maldivian imports from China, including construction materials, electronics, furniture, and machinery have been lifted.
This has translated into lower prices and faster import times, benefitting both businesses and consumers across the Maldives.
Most of these goods aren’t produced locally. Now, with tariff-free access to Chinese products, Maldivians can enjoy better quality at lower costs. Customs clearance has also been reduced from 5–7 days to just 2–3 days,
he explained
The Ambassador also pointed to Hong Kong and Singapore as case studies of how open trade policies can stimulate national development.
The Maldivian people have demonstrated remarkable ingenuity, much like the success stories of Hong Kong and Singapore. With support from the CMFTA, they can build a unique development path and push forward economic transformation. This kind of open, cooperative growth may help the Maldives develop new competitive industries.
he remarked
On the export front, the Ambassador underscored new opportunities for Maldivian seafood in the Chinese market.
While traditionally focused on the US and Europe, the Ambassador noted that Maldives' premium marine products now enjoy duty-free access to China, the world’s second-largest importer with a massive middle-income population.
Nearly all Maldivian fish and seafood now enter China duty-free. Marine products like tuna have the potential to become as popular in China as Maldivian tourism. We hope Maldivian companies will use their experience in tourism marketing to build seafood brands that stand out in China,
he suggested
Beyond trade, the agreement opens the door for increased Chinese investment in areas like aquaculture, marine processing, modern agriculture, and digital industries, leveraging China’s capital and technology.
China-Maldives relations are growing fast, with strong political trust and close people-to-people ties. This lays a solid base for deeper economic integration and long-term development,
he said
Describing the agreement as a “golden gateway” following the success of the “blue miracle” in tourism, the Ambassador said the CMFTA represents a new model of equal, mutually beneficial cooperation between nations of different sizes.
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