Maldives Secures Free Trade Agreement with Turkey

The Maldives has finalized a Free Trade Agreement (FTA) with Turkey, according to the Minister of Economic Development and Trade. Announced on the state media program "Raajje Miadhu," the Preferential Trade Agreement (PTA) was completed on Thursday and will soon be submitted to the Turkish parliament for approval.

Once ratified, the agreement is expected to come into effect by December or January 1. This FTA follows months of negotiations, which began in March this year, reflecting the close ties between the Maldives and Turkey.

Under the new FTA, 214 Maldivian items will be exported to Turkey at a zero percent tariff. Additionally, the Maldives has requested Turkey to lower duties on 38 more products. High-priority items include yellowfin tuna, skipjack tuna, and dried fish, which are crucial for the Maldivian economy. Turkey, a significant fish processor for European markets, is seen as a key ally in this effort.

Besides the agreement with Turkey, the Maldives is also moving forward with the 2018 Free Trade Agreement with China. Both nations are set to enhance collaboration and raise awareness among customs officials over the next two months. According to Minister Saeed, there are no legal or technical barriers to activating this agreement, allowing for future trade expansion.