A free trade agreement has been signed between the Maldives and Türkiye.
Economic Minister Mohamed Saeed signed the agreement on behalf of the Maldives, while Türkiye’s Trade Minister Prof. Dr. Ömer Bolat, represented his country.
The first talks on a free trade agreement between Maldives and Türkiye began in December last year, during President Dr. Mohamed Muizzu’s official visit to Türkiye. The agreement is set to come into force in the first quarter of next year on a date agreed upon by the two governments.
According to a statement from the Maldivian Economic Ministry, this agreement opens up new avenues for Maldivian businesses to expand into the Turkish market. Minister Saeed noted that the agreement would reduce tariffs on more than 100 items, allowing for Maldivian fish exports to enter the Turkish market at a zero-percent duty rate.
Items covered under the agreement include:
– Food products
– Fish and seafood
– Industrial and construction materials
– Marine and transport equipment
– Machinery and equipment
– Gas and household goods
– Furniture
This move follows a similar agreement with China in 2018, which has yet to be implemented. President Dr. Muizzu’s administration now plans to advance that agreement, and discussions are also ongoing for similar free trade deals with India and the UK.
