The Ministry of Fisheries has revealed that almost all Maldivian fishery products can be exported to China at zero tax under the Free Trade Agreement (FTA) signed between the Maldives and China.
In a statement released today, the Fisheries Ministry welcomed the implementation of the free trade agreement between the Maldives and China, which began today. The statement described this agreement as an important milestone symbolizing the economic relationship between the Maldives and China, and stated that it would open up opportunities for innovations in the fisheries sector and advance the trade of Maldivian fish products.
The statement highlighted that the main objectives of free trade are to increase exports, reduce trade barriers, and create and facilitate new opportunities for businesses in both the Maldives and China. “Almost all Maldivian fishery products can be exported to China at zero tax under this agreement. It will also facilitate the re-export of fish products,” the Fisheries Ministry’s statement said.
The statement also mentioned that the protocol on inspection and quarantine of natural marine products signed between China and the Maldives on October 29 last year would make it easier to export seafood products and further expand the seafood trade. The statement also praised and welcomed President Dr. Mohamed Muizzu’s foresight and planning in implementing the free trade agreement.
The Fisheries Ministry’s statement said that this agreement would open up numerous opportunities to advance and diversify the fishing industry. It also stated that the implementation of this agreement would increase the contribution of fisheries to GDP and directly improve the standard of living of fishermen.
As the Free Trade Agreement (FTA) signed between the Maldives and China comes into effect, 91% of goods imported from China to the Maldives will be duty-free. Economic Minister Mohamed Saeed previously stated that in the future, if goods are brought from China, arrangements will be made to bring those goods to the Maldives by paying in Maldivian Rufiyaa to Maldivian banks. He also said that those traders would not need to use dollars.
With the implementation of this agreement, duties are removed from a total of 7897 items across nine sectors. Among the types of duties removed, 296 are fishery products.”
