Maldives and Turkey Set to Launch Free Trade Agreement in Early 2024, Boosting Economic Ties and Fish Exports

Minister of Economic Development and Trade, Mohamed Saeed has announced the commencement of the free trade agreement that was established between Maldives and Türkiye to take effect in the first quarter of next year. It was signed on November 4 as an initiative to improve trade relations between the two countries.

Speaking while appearing in a program aired on PSM News, Minister Saeed said that the agreement would be implemented within three months of the new year. He stressed the expected impact of benefits for Maldivians stating that in addition to fish exports at more efficient prices to Türkiye, this agreement will also lower trade barriers between both countries, as well as strengthen economic ties and promote an increase in bilateral trade. The agreement will enable fish exporters from the Maldives to extend its footprint in Turkey, while Turkish goods would be available at lower prices for consumers and businesses of Maldives.

Establishment of this agreement was established during the visit that the President Dr. Mohamed Muizzu took to Türkiye in November last year, where he held discussions with Turkish President Recep Tayyip Erdogan on strengthening bilateral ties. The leaders discussed opportunities for even closer economic partnership, trade and investment, renewable energy, and higher education.

Additionally, the Maldivian authorities are also preparing for the free trade agreement with China that will enter into force on 1 January 2025. He pointed out that this was an agreement, which had been signed back in 2014 and the Parliament approved it in 2017 but there were delays due to a change of government in 2018. Under President Dr. Muizzu, efforts are nonetheless committed once again to ensuring and securing its enforcement.

Government said the trade between Maldives and China was USD 700 million at present, but anticipated to increase up to USD 1 billion once the two countries free trade agreement came into force.