The President decided to sign a Free Trade Agreement with China following deliberations at the Cabinet meeting held this morning.
In a briefing held at the President’s Office, and led by Minister of Economic Development Mohamed Saeed and Minister of Foreign Affairs Dr Mohamed Asim, Minister Saeed stated that the China-Maldives Free Trade Agreement Negotiation was initiated in 2014.
Minister Saeed stated that the ongoing talks to establish a free trade pact will enable exemption of duties on fisheries products exported to the world’s largest consumer market; adding that the Administration strives for a greater international trade policy.
The Maldives transitioned from Least Developed Country (LDC) to Middle-Income Country status on 1st January 2011. However, this growth was accompanied by huge duties levied on fish products exported to the international market.
Moreover, speaking at the press conference, Minister Saeed stated that the Maldivian government has extended invitations to establish free trade agreements with countries including Japan, the United States of America, the United Kingdom and countries of the European Union.
He further expressed confidence that other countries would soon look to similar establish similar agreements with the Maldives.
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