Maldives, Pakistan agree to increase bilateral trade to $200 million within 2 years
He noted that despite 60 years of diplomatic relations, bilateral trade currently amounted to just USD 13.9 million.
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The Maldives and Pakistan have agreed to increase bilateral trade to USD 200 million within the next two years, Pakistani Prime Minister Shehbaz Sharif announced on Wednesday.
The announcement followed official talks between President Dr Mohamed Muizzu and Prime Minister Sharif during the Maldivian President's ongoing visit to Pakistan.
The two countries signed 20 agreements and memoranda of understanding (MoUs) covering various sectors before the leaders delivered a joint statement.
Speaking at the event, Sharif said the Maldives and Pakistan had maintained close relations for decades but that trade between the two countries remained limited.
He noted that despite 60 years of diplomatic relations, bilateral trade currently amounted to just USD 13.9 million.
"Today, we discussed and agreed to increase this figure to USD 200 million over the next two years," Sharif announced.
The target represents an increase of approximately 1,339 per cent from the current trade value, equivalent to more than 14 times the existing level.
The agreement to expand trade comes alongside several cooperation agreements signed between the two countries on Wednesday.
These include agreements relating to air transport, tourism and the supply of food and agricultural products required by the Maldives.
The two countries also signed an MoU between State Trading Organisation (STO) and the Trading Corporation of Pakistan concerning trade in agricultural produce, food and other products.
The agreements were signed during President Muizzu's visit to Pakistan, which coincides with the 60th anniversary of diplomatic relations between the two countries.
The bilateral discussions and agreements are aimed at expanding economic cooperation and strengthening trade relations between the Maldives and Pakistan.
