Maldives’ Preferential Trade Agreement with Türkiye will be enforced within the next two months, the Minister of Economic Development and Trade, Mohamed Saeed has announced.
The preferential trade agreement was signed between the Maldives and Türkiye on 4 November 2024, aimed at strengthening the bilateral trade relations between the two countries.
Speaking on PSM News' ‘Raajje Miadhu’ programme, Minister Saeed said the preferential trade agreement with Türkiye will come into force once it is endorsed by the Turkish Parliament. The Minister said the endorsement is expected to be given within the next two months.
"After the official visit to Türkiye , a preferential trade arrangement has been signed. The PTA will become active once it is endorsed by the Turkish parliament. It is expected to be settled within one or two months,” he explained.
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.
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, the Minister had said earlier. 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, he had said.
The Free Trade Agreement with China came into force on 1 January 1 this year as the government continues to explore similar trade agreements with India, the UAE, Sri Lanka and Saudi Arabia.