The Government of Maldives has decided to establish a Free Trade Agreement with China. At a press conference held at President's Office, Minister of Economic Development Mohamed Saeed revealed that deciding to establish Free Trade Agreement with China will ease the export of products from Maldives.
Economic Minister Saeed described the Free Trade Agreement as a huge milestone achievement for the fisheries industry of the Maldives. The Economic Minister added that the Free Trade Agreement will benefit the population of Maldives, as goods will be available at cheaper prices. The Minister further expressed that this is the first time a world's growing consumer market agreed on a Free Trade Agreement which is advantageous to a country like Maldives, where consumer strength is notably low.
Speaking at the press conference, Minister of Foreign Affairs, Dr. Mohamed Asim stated that necessary arrangements are made to establish Free Trade Agreement with China.
China is the largest manufacturing economy in the world, the second largest importer of goods and the world's fastest growing consumer market. China-Maldives Free Trade Agreement Negotiation was initiated in December 2015, with five rounds of negotiations and one ministerial discussion held. The two countries would reduce the tariffs of over 95% of the goods to zero, according to the agreement,
Maldives and China are also committed to opening the service market such as finance, healthcare and tourism and agreed to cooperate practically in key areas.