Maldives and Türkiye Sign Landmark Free Trade Agreement to Boost Economic Ties

In a historic step toward strengthening economic relations, the Maldives and Türkiye have signed a free trade agreement (FTA) aimed at reducing trade barriers, facilitating bilateral trade, and providing new opportunities for businesses in both nations. The agreement was signed by Maldivian Minister of Economic Development Mohamed Saeed and Turkish Minister of Trade Professor Dr. Omer Bolat.

A significant aspect of the FTA is its focus on enhancing Maldives’ fish exports to Türkiye, a move expected to stimulate growth for the Maldivian fishing industry. By easing access to the Turkish market, Maldivian fish exporters will now have expanded business opportunities in one of Europe’s most dynamic economies. In addition, the agreement is expected to lower prices for Turkish products in the Maldives, providing benefits to both Maldivian consumers and businesses through increased availability of Turkish goods.

The agreement builds on discussions held during Maldivian President Dr. Mohamed Muizzu’s visit to Türkiye in November of last year, where he met with Turkish President Recep Tayyip Erdogan. The two leaders discussed a range of areas for potential collaboration, including trade, investment, renewable energy, and higher education.

“This free trade agreement will not only open doors for our local fish exporters but also deepen our economic ties with Türkiye, bringing more Turkish products to our market at competitive prices,” Minister Saeed said at the signing ceremony.

Economic analysts anticipate that this agreement will not only boost trade volumes but also create new investment opportunities and strengthen cooperation across various sectors, including renewable energy and education. The Maldives and Türkiye now enter a new era of partnership that promises growth and expanded market access for businesses on both sides.