Maldives, Turkiye sign preferential trade agreement
The agreement was initially announced during President Mohamed Muizzu's state visit to Turkiye in November 2023.
Maldives and Turkiye on Monday signed a Preferential Trade Agreement (PTA) aimed at boosting bilateral trade.
The agreement was initially announced during President Mohamed Muizzu's state visit to Turkiye in November 2023.
Economic minister Mohamed Saeed signed the agreement on behalf of the Maldivian government, while Dr Omer Bolat, the Minister of Trade, represented Turkiye.
The PTA seeks to lower barriers to trade and create favourable conditions for increased economic engagement. It was one of the primary outcomes of discussions between President Muizzu and Turkish President Recep Tayyip Erdogan. During their meetings, the leaders underscored the importance of enhancing economic cooperation between the two nations.
"This agreement materialises one of the primary objectives discussed during President Muizzu's meetings with Turkish President Erdogan, where both leaders emphasised strengthening bilateral economic cooperation," Maldivian economic ministry said in a statement.
The ministry further stated that the PTA would facilitate access for Maldivian fish exporters to the Turkish market through tariff concessions.
Additionally, Maldivian consumers and businesses are expected to benefit from reduced prices on Turkish imports. The agreement is positioned as a step towards achieving broader economic and cooperative goals between the Maldives and Turkiye.
The two countries' partnership includes collaborations in areas such as trade, investment, renewable energy, and higher education, as envisioned in discussions between President Muizzu and President Erdogan. The ministry’s statement concluded that the PTA represents a commitment to strengthening the economic relationship between both nations.
