MIFCO welcomes proposed Maldives-UK free trade deal

MIFCO on Thursday welcomed the Maldivian government's efforts to enter into an agreement with the United Kingdom to provide duty benefits for Maldivian fish exports, after the UK announced preparations to negotiate a free trade agreement with the Maldives.

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.

In response, state-run MIFCO said in a statement that the agreement will provide incentives for fish exported to the UK and increase the profits from exporting various fish products.

"With this, it will help in increasing the revenue generated from fishing and attract more investment in fisheries," it said.

Meanwhile, economic minister Fayyaz Ismail said on Thursday that the proposed Free Trade Agreement between the Maldives and the United Kingdom will bring about a positive change in the Maldives' economy. He described it as one of the most significant steps in recent history to facilitate the export of local fish products to the UK without any tariffs.