Economic Minister Mohamed Saeed has announced that the Preferential Trade Agreement (PTA) signed between the Maldives and Turkey will be implemented within the next two months.
In an interview with the state broadcaster Public Service Media (PSM), Saeed said the trade agreement will come into force once it is approved by the Turkish parliament. He said this will be done within the next month or two.
"After the official visit of Turkey, a preferential trade arrangement has been made. Once the Turkish parliament endorses it, the PTA will become active. It is expected to be done within a month or two. This means goods from Turkey can be imported without a duty," he stated.
The government earlier said the Preferential Trade Agreement will facilitate duty-free imports of goods. The agreement, signed on November 4, 2023, was initially expected to come into force in the first quarter of this year.
In a statement, the Economic Ministry said concessional duty rates will be imposed on exports to Turkey. At present, Turkey imposes a 60 percent duty on exports from the Maldives.
"[Under this agreement], the Maldives will have the opportunity to export fish products to Turkey at a better price compared to regional markets," the ministry said.
There will be no duty on 39 types of fish exported from the Maldives. However, the Economic Ministry has not yet announced the types of fish which will be duty-free. There are 103 types of fish subject to low duty.
In addition, Turkey will impose a low duty on fish fillets, seafood and processed, dried and salted fish.
