Minister of Economic Development and Trade, Mohamed Saeed, has highlighted the significance of the recently signed trade agreement between the Maldives and Türkiye in expanding market access for local businesses. Speaking at a ceremony held at the President’s Office to celebrate the nationwide expansion of Maldives Islamic Bank (MIB) services, Minister Saeed emphasised the government’s dedication to enhancing the country’s export capabilities.
According to Minister Saeed, the agreement will serve as a strategic link, enabling Maldivian businesses to connect with European markets via Türkiye. This partnership is part of the government’s ongoing efforts to modernise the economy and support local firms in reaching new international markets. The agreement focuses on reducing trade barriers, particularly for Maldivian fish products, which are set to benefit from lowered tariffs.
Boosting Market Opportunities for Maldivian Exporters
The Preferential Trade Arrangement (PTA) between the Maldives and Türkiye grants Maldivian exporters reduced or zero-duty access on 39 key products, including various fish products such as fresh and chilled tuna. The arrangement also includes concessions on an additional 103 products, thereby creating new export channels for local businesses.
This PTA is designed to help Maldivian fish exporters tap into one of Europe’s largest consumer markets, providing them with a competitive edge. The initiative aligns with the government’s objectives to support local industries, enabling them to expand their footprint in global markets while boosting foreign currency earnings.
Supporting Businesses and Economic Modernisation
Minister Saeed also outlined the government’s initiatives to digitalise the economy. Plans to introduce e-wallets and other digital solutions are underway to facilitate easier access to international markets. These measures are intended to empower businesses of all sizes, helping them to compete on a global scale.
Small businesses, in particular, are expected to benefit from reduced import costs for essential materials and equipment, while gaining new export opportunities to Türkiye. The agreement also opens doors for collaboration with Turkish companies, providing access to technology and potential joint ventures.
Benefits for Citizens and Broader Economic Impact
The PTA is not only set to benefit businesses but also aims to bring down prices on a range of Turkish consumer goods in the Maldives, thereby offering citizens greater access to affordable products. The agreement is also expected to generate jobs in sectors linked to export and re-export activities, further stimulating the local economy.
Set to come into effect in the first quarter of 2025, the PTA promises to strengthen economic ties between the Maldives and Türkiye, contributing to the Maldives’ long-term economic growth and resilience.
