Maldives says trade deal with UK will slash high tariff on fish exports

A proposed trade deal with the United Kingdom will remove the existing 20% tariff imposed on Maldives' fish exports to the UK, the Maldivian government said on Thursday.

In a statement welcoming the UK's announcement of kick-starting an eight-week call for input in preparation to negotiate a Free Trade Agreement (FTA) with the Maldives, the President's Office said over the past four years, the Maldives has actively pursued negotiations with the UK, striving to eliminate the existing 20% tariff imposed on fish exports to the UK.

The government said it seeks to gain preferential treatment to the goods traded to the UK and unhindered access to its market by elimination of tariffs. The trade deal is expected to enhance bilateral trade between the Maldives and the UK, opening new avenues of economic growth and prosperity, it added.

"The government of Maldives is confident that this trade agreement will bolster economic cooperation between the Maldives and UK," the statement read.

"Strengthening the competitiveness of the Maldives’ economy and creating favourable market opportunities for local businesses has been a top priority under President Ibrahim Mohamed Solih’s government." 

The UK's Department for Business and Trade on Thursday invited business, organisations and individuals to participate in an eight-week call for input in preparation to negotiate a goods-only FTA with the Maldives.

The UK said Maldives is one of the few countries in the Commonwealth which the UK is not already pursuing an FTA with or does not already have preferential access to the UK market.