Maldives Customs Service has announced the availability of duty rates under the China-Maldives Free Trade Agreement (FTA) on its official website. The update, shared via the platform X (formerly Twitter), marks a significant milestone in the implementation of the agreement, which came into effect on January 1, 2025.
The FTA is set to reshape trade dynamics between the Maldives and China by offering substantial benefits to importers and exporters. Maldivian importers stand to gain from up to 90% reductions in import duties on a wide range of goods over the next five years, paving the way for cost savings and greater business competitiveness. For exporters, the agreement provides zero-tariff access for 296 Maldivian fish products to the Chinese market, unlocking lucrative opportunities for the local fisheries industry.
Signed in December 2014 and approved by the Maldivian Parliament in 2017, the FTA is being implemented under President Dr. Mohamed Muizzu’s administration. Trade between the two nations, currently valued at USD 700 million annually, is projected to reach USD 1 billion in the coming years as businesses capitalize on the agreement’s incentives.
Traders can submit the Certificate of Origin (COO) along with the Goods Declaration.
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