The Maldivian government has signed a Preferential Trade Agreement (PTA) with Türkiye, marking a significant milestone in strengthening bilateral trade relations between the two countries. The agreement, signed on behalf of the Maldives by Minister of Economic Development and Trade, Saeed, and by Minister of Trade Ömer Bolat on behalf of Türkiye, aims to reduce trade barriers and create favourable conditions for increased commerce.
The PTA, which follows discussions during President Mohamed Muizzu’s state visit to Türkiye in November 2023, represents a key step towards fulfilling the shared economic objectives agreed upon between President Muizzu and Turkish President Recep Tayyip Erdoğan. During their meeting, both leaders emphasised the importance of enhancing bilateral economic cooperation.
A major focus of the agreement is the fisheries sector, where Türkiye has offered considerable tariff concessions, providing Maldivian fish exporters with greater access to the Turkish market. This is expected to help expand the Maldives’ fisheries exports, one of the country’s key economic sectors. Maldivian businesses and consumers will also benefit from the agreement through access to Turkish products at significantly lower prices.
Beyond trade, this agreement is part of a broader vision of cooperation between the two nations. It includes areas such as trade, investment, renewable energy, and higher education, further strengthening the partnership established between President Muizzu and President Erdoğan. The PTA is seen as a concrete step towards realising these collaborative goals.
The Maldives and Türkiye have historically enjoyed a strong bilateral relationship, and this new agreement further solidifies that bond, positioning both countries for enhanced economic collaboration in the future.
