The Economic Development and Trade Minister Mohamed Saeed has stated that the decision to proceed with a Free Trade Agreement (FTA) between India and the Maldives is a notable historic moment in the economic and trade relations between the two countries. The Minister made this statement in a social media post regarding the India-Maldives Free Trade Agreement.
An agreement has been signed to begin consultations on establishing a Free Trade Agreement between the Maldives and India. The Ministry of Economic Development states that the objective of this agreement is to increase trade opportunities and establish a comprehensive administrative framework to strengthen economic ties.
In a social media post about the India-Maldives Free Trade Agreement, Economic Development and Trade Minister Mohamed Saeed said that the decision to proceed with a Free Trade Agreement between India and the Maldives during Indian Prime Minister Narendra Modi’s official visit to the Maldives is a notable historic moment in the economic and trade relations between the two countries.
Noting that India is one of the world’s largest economies, the Minister said that with the formulation of this agreement, goods and services transactions will be facilitated, financial business participation will expand further, and additional conveniences in the banking sector will be essential in an ever-changing world.
The Minister also stated that this is an important step taken within President Dr. Mohamed Muizzu’s economic vision to facilitate trade transactions with foreign countries. He added that the arrangement for transactions in both countries’ currencies (Local Currency Settlement) is an additional advancement for the Maldivian economy.
Furthermore, the Minister highlighted that the opportunity to work with India’s Unified Payment Interface to increase financial inclusiveness is a historic progress.
The Ministry stated that the Free Trade Agreement will increase cross-border trade and investment, providing additional conveniences for Indian tourists visiting the Maldives and Maldivian citizens living in India to conduct business transactions and pay for goods and services.
The Economic Ministry said that this important agreement will be a new chapter in the long-standing trade relationship between India and the Maldives. They also stated that this would pave the way for sustainable progress, increased market access opportunities, and permanent advancement for both countries.
