Maldives-China annual trade at $700m; $1b next year, govt says
The government has signed an MOU with the People's Bank of China (PBOC) to facilitate current account transactions and direct investments in MVR.
Maldives and China currently have $700 million in annual trade, which will increase significantly to $1 billion annually with the entry into force of the Free Trade Agreement (FTA), the government said on Monday.
China's FTA will come into force this month. The government also expressed its views on the local currency swap agreement with China this month.
Maldives and China currently have $700 million in annual trade, presidential spokesperson Heena Waleed told a press conference at the President’s Office.
“The trade with Maldives and China will expand to $1 billion as per the current FTA agreement and with the entry into force of this FTA,” Heena said.
She also added that the government has signed a MOU with the People's Bank of China (PBOC) to facilitate current account transactions and direct investments in MVR.
“A lot of things are being done without paying in dollars. These include transportation facilities for the people, reducing their dependence on the dollar for buying goods and businessmen are also benefiting from this,” she said.
Bulk of Maldives’ foreign debt is due in China accounts for the bulk of the debt.
The government is working to further strengthen ties with China. They include:
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China has given a green signal to a five-year deferral of the loan, President Mohamed Muizzu said on July
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After efforts to expand the tourism market in China, the largest number of tourists are now coming from China
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The FTA and the currency agreement are two important aspects of the ongoing work
An FTA with China was first established during the administration of former President Abdulla Yameen. However, the next government, former President Ibrahim Mohamed Solih's administration, did not implement the FTA.
