According to media reports, Marais described the China-Maldives Free Trade Agreement (CMFTA) as an “important milestone” where both countries will benefit from reduced tariffs and improved market access commitments.
The CMFTA, which took effect from Wednesday, aims to increase trade volumes, increase exports, improve production capacity, reduce trade barriers and create new business opportunities between the Maldives and China, the Maldives Ministry of Economic Development announced. did. Trade said.
“The FTA is an important milestone in economic relations between the two countries,” state-run Public Service Media (PSM) said here on Wednesday.
“A series of legal and policy measures took effect in China on Wednesday as part of the country’s efforts to promote high-quality development and high-level opening-up,” China’s state-run Xinhua news agency reported. These measures include a free trade agreement between China and the Maldives. ” The CMFTA was signed in 2014 and approved by the Maldivian parliament in 2017, but its implementation was suspended following a change of government in 2018. Further progress was made with President Mohamed Muiz’s official visit to China in January 2024.
Earlier this year, Trade Minister Mohammed Saeed suggested that India had begun efforts to conclude an FTA between the two countries, a claim rejected by New Delhi. India said it was open to considering whether archipelago nations would be interested in such an agreement.
Meanwhile, the Ministry of Saeed announced that the main provisions of the CMFTA include trade in goods, trade in services, investment protection and facilitation, and deepening economic and technical cooperation.
Maldivian exporters, especially those in the seafood sector, will have duty-free access to all fisheries and seafood exports to China’s large consumer market.
Xinhua said that according to the agreement, a large part of China’s industrial exports to the Maldives will benefit, including ships, electrical equipment, furniture, and agricultural products such as vegetables and fruits.
According to government estimates, trade between China and the Maldives currently exceeds $700 million annually, and with the implementation of the FTA, this trade value could increase to $1 billion, psmnews.mv.en added .
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