Maldives and India agree on framework for free trade talks
India’s Ministry of Commerce said that the TOR will define the scope, framework and rules for discussions and will pave the way for formal negotiations.
The Maldives and India have agreed on the Terms of Reference (TOR) for the establishment of a Free Trade Agreement (FTA).
India’s Ministry of Commerce said on Monday that the TOR will define the scope, framework and rules for discussions and will pave the way for formal negotiations.
A free trade agreement typically includes provisions to reduce or remove import duties on a range of goods. It may also include measures to facilitate trade in services and promote cross-border investment.
According to available data for last year, India’s exports to the Maldives declined by 37.11 percent to $56.88 million.
Imports from the Maldives to India increased by 37.14 percent to $118.82 million during the same period.
The agreement comes as India continues to expand its trade arrangements with several countries, including the United Kingdom, Oman, the European Union and New Zealand.
The Maldives has also signed a free trade agreement with China.
