Minister of Economic Development, Transport and Trade Mohamed Saeed said the Maldives expects to conclude a Free Trade Agreement (FTA) with India by the end of this year.
Speaking at the Economic Ministry’s “Iqthisaadhuge Dhefarai” forum, Saeed said the agreement would create new opportunities for Maldivian businesses and youth by improving access to India’s large market. The Terms of Reference for the FTA were signed in March.
He added that the government is also working on linking Maldivian businesses with major international markets, pointing out that over 400 local businesses have already been included on platforms such as Alibaba as a result of the “Authentic Maldives” initiative.
Saeed pointed out the potential in India’s expanding technology and entertainment sectors, especially for Maldivians who are creating software and applications. He also mentioned that UPI payment services have now been introduced between the two countries.
Saeed stated that they believe they will be able to reach a Free Trade Agreement with India by the end of this year, highlighting the need to keep a balance that safeguards both markets.
The minister also stated that projects valued at 648 million US dollars are at present being carried out for the purpose of developing resorts through agreements between the Maldives and India.
It is expected that the proposed free trade agreement will reduce trade barriers, boost cross-border trade and investment, and enhance the economic relations between the two countries.
The Free Trade Agreement between the Maldives and China came into force in January 2025, and the preferential trade agreement with Türkiye became effective on August 1 of this year.
