Maldives and Türkiye Sign Landmark Free Trade Agreement to Boost Bilateral Trade and Investment

In a significant milestone for Maldivian trade, Maldives and Türkiye have officially signed a free trade agreement today, aiming to deepen economic ties and open lucrative opportunities for both nations. The historic pact was signed by Maldives' Economic Minister Mohamed Saeed and Türkiye's Trade Minister Prof. Ömer Bolat, marking the beginning of a new chapter in trade relations between the two countries.

Minister Saeed hailed the agreement as a groundbreaking achievement, emphasizing its potential to bolster Maldivian exports. “Exports from Maldives will now enjoy significant tariff reductions on over 100 items,” said Saeed in an official statement. This includes zero tariffs on key fish and fish products, offering Maldivian exporters access to Türkiye’s extensive market of over 85 million consumers.

The Ministry of Economic Development further detailed the benefits of the agreement, describing it as a crucial move to reduce trade barriers, streamline transactions, and make Türkish products more affordable for Maldivian businesses. This agreement represents a concrete step forward in implementing the broader vision of cooperation discussed between President Dr. Muizzu and President Erdogan, the Ministry’s statement noted, referencing discussions held in Türkiye last November.

The free trade agreement aligns with broader strategic goals that President Dr. Mohamed Muizzu discussed with President Recep Tayyip Erdogan, including cooperation on trade, investment, renewable energy, and higher education. As such, it reinforces the robust partnership between the Maldives and Türkiye.

Additionally, Maldives is actively working to expand its trade network globally. The nation plans to implement a similar agreement with China, and discussions are currently underway to establish free trade agreements with India and the UK, signaling the island nation's ambitions to diversify its economic alliances.

This agreement is expected to bring a substantial boost to Maldivian exports, particularly in the fisheries sector, which is a vital part of the economy, and is anticipated to bring competitive Türkish goods to local markets, fostering greater choice and affordability.