The Preferential Trade Agreement signed between the Maldives and Turkey on Monday will reduce duties on most fish exports from the Maldives, the Economic Ministry has said.

In a statement, the Economic Ministry said the agreement will come into force in the first quarter of next year and concessional duty rates will be imposed on the Maldives' exports to Turkey. At present, Turkey imposes a 60 percent duty on Maldives' exports.

"[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, the Economic Ministry said.

Under the agreement, duties will also be reduced on many goods imported from Turkey. These will include materials for the construction of resorts and industrial equipment.