Maldives, Thailand sign agreement to establish Joint Trade Committee

Maldives and Thailand have signed an agreement to establish a Joint Trade Committee and promote trade between the two countries.

The agreement was signed yesterday by Maldives Minister of Economic Development Ahmed Mohamed and his Thai counterpart, Thailand’s Commerce Minister Boonsong Teriyapirom.

Minister Ahmed Mohamed told Sun today that the new agreement will facilitate foreign investments in the Maldives and similarly, for Maldivian investors to invest in Thailand.

“This agreement will boost trade relations, expand the import-export between the two countries. It has also been decided to establish a Joint Trade Committee between the two countries. The country’s Economic Ministers, at that point in time, will stand as the co-chairs for the committee,” Ahmed Mohamed said.

Economic Minister said that even though it is not a free trade agreement, it is certainly a stepping stone towards establishing free trade.

“The main purpose of this agreement is to facilitate the expansion of investments between the two countries. It also involves investment banks providing financial aid,” Minister Ahmed Mohamed said.

Minister said that the two governments would also hold different joint trade fairs as per the agreement.

Maldives has already seen Thai investor establish themselves in the country, notably the Thai real estate companies that have invested in the Hulhumale’ development projects.