The Free Trade Agreement (FTA) with China will come into force on January 1, not by the end of this month as announced by President Dr. Mohamed Muizzu, Economic Minister Mohamed Saeed said yesterday.
Speaking at a press conference at the President's Office, Saeed said the FTA between China and Maldives will allow Maldivian travel agents and tour operators to operate in the free zones of Beijing, Shanghai and Tianjin.
"The FTA will come into force on January 1, 2025. Then there will be schedules, which are very standard," Saeed said.
However, the FTA will come into force in September, President Muizzu said at the Independence Day ceremony on July 26.
"In that regard, China's FTA, the legal process will hopefully be completed and the FTA will be implemented before the end of September," he said.
The government also announced that efforts were underway to reach a similar FTA with India, but details have not been disclosed.
At yesterday's press conference, Saeed said the opportunities available to Maldivian businesses in China would not be available to Chinese businesses in Maldives.
"They cannot operate on equal turf in Maldives. We have imposed restrictions to protect Maldivian companies. The government will continue to do so in the future," he said.
The government hopes to increase the value of annual trade between China and Maldives from USD 700 million to USD 1 billion when the FTA comes into force.
