Maldives-Turkey PTA: zero-duty for 39 key products

The Ministry of Economic Development and Trade on Monday revealed that under the Maldives-Turkey Preferential Trade Agreement (PTA), Turkey will extend zero-duty on exports for 39 key products that previously faced tariffs up to 60 percent.

The Maldives signed on the agreement with Turkey on Monday, with the Economic Ministry sharing details about the PTA.

Besides the zero-duty leeway for 39 products that previously faced up to 60 percent tariffs, the agreement will also extend major concessions for 103 additional products.

Moreover, the PTA will benefit the ordinary citizen in a range of ways, including:

• Lower prices on Turkish consumer goods and wider product choices in the local market
• New job opportunities in expanding activity in export, re-expect sector

The agreement also provides various benefits to small businesses in the Maldives, which include:

• Reduced import costs on materials, household items and equipment
• New opportunities to export to Turkey
• Easier access to Turkish machinery and technology
• Opens doors for potential partnerships with Turkish companies

The categories of products the Maldives-Turkey PTA cover:

• Food and beverages
• Fisheries products
• Industrial and construction materials
• Marine and Transport equipment
• Machinery and equipment
• Household items
• Furniture

The Maldives-Turkey PTA will become effective on a mutually agreed date on the first quarter of next year, the ministry added.

The PTA is the culmination of high-level discussions between President Dr. Mohamed Muizzu and Turkish President Recept Tayyip Erdogan, during the former’s visit to Turkey.

At the meeting, the two leaders discussed on further strengthening cooperation in multiple areas; including economy and commerce.

Turkey is also the first nation President Dr. Muizzu visit after taking oath of office.