China-Maldives FTA: Over MVR 1.9 mil goods cleared

According to the Maldives Customs Service, more than MVR 1.9 million worth goods under the China-Maldives free trade agreement, have been cleared from local ports.

The FTA came into effect from January 2025 onward.

As of Saturday, last week, a total of nine consignments via air were imported to the Maldives and cleared. The total CIF (Cost, Insurance, Freight) value of these consignments amounted to MVR 882,381 according to Customs.

Moreover, another three shipments arrived via sea, which held a CIF value of MVR 1,040,875.

Earlier, the Minister of Economic Development Mohamed Saeed said the free trade agreement between the Maldives and China, allowing for current account transactions, would significantly enhance trade prospects for the island nation.

Under the agreement, Maldives is also not entitled to pay duties on 91 percent of imported commodities, while the island nation can make purchases using its local currency: Rufiyaa.

The Maldives and China entered into a free trade agreement in 2014 during former President Abdulla Yameen Abdul Gayoom’s administration, which was under review and then suspended during the succeeding government led by the Maldivian Democratic Party (MDP).