Maldives, India hold talks to expedite free trade agreement
According to the minister, discussions also focused on advancing the Maldives-India Bilateral Investment Treaty and establishing mechanisms to facilitate trade.
The discussions took place on Wednesday during a meeting between Maldives Minister of Foreign Affairs Irtisham Adam and India’s Minister of Commerce and Industry Piyush Goyal. Foreign Minister Irtisham Adam is currently visiting India on an official trip following an invitation from India’s External Affairs Minister S. Jaishankar.
In a post shared on social media, the foreign minister said both sides agreed to expedite negotiations related to the proposed Maldives-India Free Trade Agreement.
According to the minister, discussions also focused on advancing the Maldives-India Bilateral Investment Treaty and establishing mechanisms to facilitate trade and financial transactions between the two countries. Cooperation in digitalisation was also discussed during the meeting.
The minister said both countries also highlighted the importance of strengthening bilateral trade and enhancing ties between the business communities of the Maldives and India.
The Terms of Reference required to begin negotiations on the proposed Free Trade Agreement were agreed between the two countries in March last year.
Free Trade Agreements generally involve reducing or removing import duties on goods traded between countries. Such agreements may also include measures related to services, investment and trade facilitation.
According to trade statistics from the previous year, exports from India to the Maldives declined by 37.11% to USD 56.88 million, while imports to the Maldives from India increased by 37.14% to USD 118.82 million.
