The first round of talks on Free Trade Agreement (FTA) between India and Maldives was successful. Both countries have made progress on a number of issues and agreed to accelerate the agreement. This will strengthen bilateral trade and economic relations.
New Delhi [भारत]July 14 (ANI): India and Maldives have come one step closer to signing a free trade agreement (FTA). The first round of talks between the two countries has successfully concluded, with concrete progress made on a number of important issues and a commitment to finalize the agreement as soon as possible.
According to the Ministry of Commerce and Industry, the first round of India-Maldives FTA talks was held in virtual mode from June 29 to July 7. During this, teams from both sides interacted in eight technical sessions covering eight policy areas.
Agreement will strengthen economic relations
Highlighting the progress made, the ministry said, “Both sides have made concrete progress during the talks and broad consensus has been reached on a number of issues.” This proposed FTA will help in strengthening bilateral economic and trade relations by providing better market access, ease of investment and promoting greater economic cooperation. At the same time, it will also contribute to sustainable economic growth in both the countries.
Ministers of both countries met
On July 8, Union Commerce and Industry Minister Piyush Goyal met Maldives’ Minister of Economic Development, Transport and Trade Mohamed Saeed. The meeting reviewed the progress of ongoing bilateral economic initiatives including FTA negotiations.
On the occasion of completion of 60 years of diplomatic relations between India and Maldives, both the Ministers reiterated their commitment to conclude both a Bilateral Investment Treaty (BIT) and a Free Trade Agreement at the earliest. They also agreed to further deepen cooperation in tourism, start-ups, digital payments, micro, small and medium enterprises (MSMEs) and trade.
India is Maldives’ second largest trading partner
India is currently the second largest trading partner of Maldives. According to the ministry, bilateral trade between the two countries is expected to increase from US$ 679.70 million in 2024-25 to US$ 771.76 million in 2025-26, registering a growth of 13.54 per cent.
The ministry said both countries are working towards a comprehensive, balanced and comprehensive agreement based on the principles of fairness and reciprocity. This proposed FTA is expected to further strengthen bilateral trade and investment relations in the coming years. (ANI)
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