Minister of Economic Development and Trade Mohamed Saeed has announced that the Maldives has proposed reducing duties on 38 items, including tuna fish, under the Preferential Trade Agreement (PTA) with Turkey. He made the statement in an interview with PSM News.
The initiative to draft a trade agreement between the Maldives and Turkey began following discussions during President Dr. Mohamed Muizzu's official visit to Turkey last year. The two nations have been working towards finalising a PTA.
Speaking to PSM News, Minister Saeed revealed that the Maldives initially proposed 214 items for consideration, with duty reductions offered on 38 of them, including yellowfin tuna, skipjack tuna, dried fish, and other fish products. He highlighted that duty reductions are also being considered for the remaining items, which have been prioritised by the Maldives as they have not previously been eligible for duty deductions.
Additionally, Minister Saeed pointed out that while some countries process fish caught by their vessels in Turkey, there is opposition to tariff cuts on exporting these products to European markets. Despite this, he emphasised that achieving such concessions from Turkey is a significant accomplishment for the Maldives. He also that the agreement is progressing well and is expected to be signed and implemented by the end of this year or early next year.
President Dr. Muizzu has been involved in discussions aimed at reducing tariffs on Maldivian fish exports to Turkey, which will be facilitated through the upcoming PTA between the two countries.