Maldives-Turkey free trade agreement takes effect
The ministry has previously stated that the agreement will provide tariff concessions and duty reductions for Maldivian fish exports to Turkey.
The Free Trade Agreement between the Maldives and Turkey entered into force on Saturday after both countries completed the legal procedures required for its implementation, the Ministry of Economic Development and Trade has announced.
The agreement followed discussions between President Mohamed Muizzu and Turkish President Recep Tayyip Erdoğan during President Muizzu's first official overseas visit after taking office.
The agreement was signed on 4 November 2024 by Minister of Economic Development and Trade Mohamed Saeed on behalf of the Maldives and Turkish Minister of Trade Prof. Dr. Ömer Bolat on behalf of Turkey.
In a statement issued on Saturday, the ministry said all requirements necessary for the agreement to take effect had now been fulfilled.
According to the ministry, the two countries exchanged the written notifications required under Article 25 of the agreement, confirming that their respective domestic legal procedures had been completed.
The ministry said both governments had agreed for the agreement to enter into force on Saturday.
The ministry has previously stated that the agreement will provide tariff concessions and duty reductions for Maldivian fish exports to Turkey, creating new opportunities for seafood exporters to expand into the Turkish market.
It also said the agreement is expected to reduce trade barriers, strengthen commercial relations between the two countries and increase bilateral trade.
According to the ministry, the agreement will also improve access to Turkish products for businesses in the Maldives through more competitive pricing.
