Ahmed Shiyam, the Minister of Fisheries and Ocean Resources, announced at a meeting of the People’s Majlis that the elimination of the United Kingdom’s import tariff on fish exports from the Maldives had led to a more vibrant and highly competitive market for fish buying, which directly benefits the local fishermen.
On May 20, the UK formally announced a tariff exemption, granting duty-free access to fish exports from the Maldives until the end of 2028, alongside several other countries. Speaking at the Parliament, Minister Shiyam stated that removing the duty would give Maldivian export companies an immediate financial benefit of 20 percent. This new margin enables major industry players, including Horizon Fisheries, Ensis Fisheries, and the state-owned MIFCO, to offer local fishermen better, more competitive purchase prices.
Minister Shiyam pointed out that these large processing companies have now come to recognize the move towards a healthier and more competitive local market for purchases, an achievement resulting from long-term and coordinated diplomatic efforts. He also outlined the government’s current initiatives intended to modernize the fisheries sector and answered questions put to him by the members of parliament.
The UK is a vital part of the Maldivian fisheries industry and sees annual fish sales of between £16.7 million and £18 million. According to recent customs data, the UK accounts for one-quarter of the Maldives’ fisheries exports and just under half of its high-value processed fish products. The Maldives is also the UK’s ninth-largest supplier of tuna and other fish products worldwide.
In the past, exports of fish from the Maldives to the UK and the European Union were subject to a tariff of 20 per cent, which placed Maldivian exporters at a disadvantage when compared with those countries that enjoyed preferential tariff treatment.
