The Maldives welcomes the announcement by the Government of United Kingdom to commence an eight-week call for input in preparation to negotiate a Free Trade Agreement (FTA) with the Republic of Maldives, inviting business, organisations and individuals to help shape the UK’s negotiating aims with the Maldives, on 8 June 2023.
The UK has highlighted that the Maldives is one of the few countries within the Commonwealth that the UK has not pursued a FTA with or offered preferential market access through an existing Trading Scheme framework.
Strengthening the competitiveness of the Maldives’ economy and creating favourable market opportunities for local businesses has been a top priority under President Ibrahim Mohamed Solih’s government. Over the past four years, the Government of Maldives has actively pursued negotiations with the United Kingdom, striving to eliminate the existing 20% tariff imposed on our fish exports to the UK.
This significant step marks the start of the process to establish a Free Trade Agreement between the Maldives and the United Kingdom. Through this agreement, the Government of Maldives seeks to gain preferential treatment to the goods traded to the United Kingdom and unhindered access to its market by elimination of tariffs. The trade deal is expected to enhance bilateral trade between the Maldives and the United Kingdom, opening new avenues of economic growth and prosperity.
The Government of Maldives is confident that this trade agreement will bolster economic cooperation between the Maldives and UK.