Wednesday
25th Dec 2024
Dhivehi Edition
President Dr. Mohamed Muizzu with President of China Xi Jinping. | Photo: President's Office
The Ministry of Economic Development and Trade has announced that the China-Maldives Free Trade Agreement will come into effect on the first day of next month, unlocking new opportunities for Maldivian businesses to sell their products in China.
The agreement, signed in 2014, received parliamentary approval in 2017 but faced implementation delays following a change in government in 2018. Under the administration of President Dr. Mohamed Muizzu, efforts to activate the agreement have resumed, with its enforcement now scheduled to begin next month.
The Ministry stated that the agreement will benefit small businesses and individuals engaged in creative and productive sectors. Key items such as 3D printers, label printers, photography equipment, and jewelry-making tools and materials will be imported duty-free, reducing costs for these industries.
The fishing and construction industries are also set to gain significantly, with duty exemptions for many imported items used in these sectors. Additionally, tariffs on 296 seafood products will be fully eliminated, creating enhanced export opportunities.
Beyond goods, the agreement allows Maldivian businesses and service providers to operate in China, opening access to a market of over a billion consumers and supporting international expansion for local enterprises.
Currently, trade between the Maldives and China is valued at $700 million annually. The government expects this figure to rise to $1 billion with the implementation of the free trade agreement.