The Maldives Customs Service has announced via a post on X (formerly Twitter) that the duty rates under the China-Maldives Free Trade Agreement (FTA) are now available on the official Customs website.
ޗައިނާ-ދިވެހިރާއްޖެ މިނިވަން ވިޔަފާރީގެ އެއްބަސްވުމުގެ ދަށުން ޑިއުޓީ ނަގާނެ އިންސައްތަ މިހާރު ކަސްޓަމްސް ވެބްސައިޓުން ބައްލަވާލެވޭނެ pic.twitter.com/szCJGTWxi7
— Maldives Customs Service (@CustomsMv) January 1, 2025
The FTA, which came into effect on 1 January 2025, offers benefits to both importers and exporters in the Maldives. Maldivian importers will benefit from reductions of up to 90% in import duties on a wide range of goods over the next five years, potentially lowering costs for businesses, particularly those reliant on imports. Additionally, 296 Maldivian fish products will gain zero-tariff access to the Chinese market, creating new opportunities for local exporters.
The FTA, initially signed in December 2014 and approved by the Maldivian Parliament in 2017, is now being implemented under President Dr. Mohamed Muizzu’s administration. Trade between the Maldives and China, currently valued at approximately USD 700 million annually, is expected to increase to USD 1 billion over time as a result of the agreement.
