The Maldives and Türkiye on Monday formalised a preferential trade agreement (PTA) that will introduce tariff reductions and other advantages for Maldivian exporters, the Ministry of Economic Development and Trade confirmed in a statement.
The agreement signed between the two countries marks the beginning of a new chapter in trade relations between the Maldives and Türkiye.
In addition to providing more opportunities for Maldivian exporters, the agreement is expected to strengthen trade and economic relations between the countries and create better opportunities for Maldivian businesses, the Ministry said.
“Under this agreement, considerable tariff concessions are available for the Maldivian fisheries sector, enabling fish exporters to access and expand their operations in the Turkish market. Additionally, Maldivian consumers and businesses will benefit from access to Turkish products at significantly lower prices,” the statement read.
According to the Ministry, the agreement was formulated and formalised as discussed during President Mohamed Muizzu’s visit to Türkiye in November last year.
The Maldives had earlier signed a free trade agreement (FTA) with China, which will see practical enforcement starting 1 January 2025.
Meanwhile, an FTA with India is also reportedly being negotiated.
PTAs typically provide concessions on certain listed products between participating countries, while FTAs are designed to reduce or eliminate specific barriers to trade and investment and to facilitate stronger trade and commercial ties between participating countries.
