The Free Trade Agreement (FTA) with China is expected to boost trade between the Maldives and China to nearly $1 billion annually, according to Presidential Spokesperson Heena Waleed.
Speaking at a press conference at the Presidents Office, Heena highlighted that the Maldives is currently engaged in $700 million worth of trade with China. The new FTA is anticipated to increase this figure significantly.
Heena also noted that the local currency agreement signed with China on September 13 would further benefit the Maldives. This agreement allows for trade in local currencies rather than U.S. dollars, which is expected to enhance economic exchanges between the two nations.
President Muizzu had previously indicated that the FTA would be effective starting in September. "China's FTA will hopefully complete the legal process and be implemented before the end of September," Muizzu stated in July.
The Maldivian government is also pursuing similar agreements with other countries, including India, as part of its broader strategy to expand international trade and economic partnerships.
Speaking at a press conference at the Presidents Office, Heena highlighted that the Maldives is currently engaged in $700 million worth of trade with China. The new FTA is anticipated to increase this figure significantly.
Heena also noted that the local currency agreement signed with China on September 13 would further benefit the Maldives. This agreement allows for trade in local currencies rather than U.S. dollars, which is expected to enhance economic exchanges between the two nations.
President Muizzu had previously indicated that the FTA would be effective starting in September. "China's FTA will hopefully complete the legal process and be implemented before the end of September," Muizzu stated in July.
The Maldivian government is also pursuing similar agreements with other countries, including India, as part of its broader strategy to expand international trade and economic partnerships.
