The Maldives and Türkiye are poised to strengthen their economic ties by signing a preferential trade agreement (PTA) in the coming months.
According to Economic Minister Mohamed Saeed, the final agreement was concluded last week and is awaiting approval from Türkiye’s Grand National Assembly. Once ratified, the PTA is expected to be implemented by December 2024 or January 2025.
The agreement covers a wide range of products, with the Maldivian government seeking zero tariffs on 38 items, including key exports like yellowfin tuna, skipjack tuna, and dried fish. Türkiye, a major global fish processor, also intends to reduce tariffs on other products significantly.
The PTA is a significant step forward in the economic relationship between the two countries. It is expected to boost trade, create jobs, and enhance economic cooperation. The Maldives has been actively seeking to diversify its economy and reduce its reliance on tourism, and the PTA with Türkiye is seen as a key part of this strategy.
The announcement comes on the heels of a visit by Maldivian President Dr. Mohamed Muizzu to Ankara last November, where he met with Turkish President Recep Tayyip Erdoğan to discuss bilateral cooperation. The two countries are strengthening their ties in various areas, including trade, investment, and defense.
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