The Maldives and India have entered deliberations aimed at expediting the drafting of a comprehensive bilateral free trade agreement, high-level discussions took place during a meeting between Dr Iruthisham Adam, the Minister of Foreign Affairs of the Maldives, and Piyush Vedprakash Goyal, the Minister of Commerce and Industry of India. The diplomatic engagement occurred as part of Minister Iruthisham’s ongoing official visit to India.
Following the session, Minister Iruthisham issued a statement via social media detailing the meeting's outcomes. In outlining the mutual commitments made, the minister stated she "reaffirmed the strong and special partnership between the Maldives and India as we observe the 60 years of diplomatic relations at my meeting with the Minister of Commerce and Industry of India, @PiyushGoyal [Piyush Goyal] this evening."
The two sides "agreed to fast track the negotiations between the Maldives and India on the Free Trade Agreement (FTA), advancing the Bilateral Investment Treaty, developing trade and currency settlements, digitalisation," Minister Iruthisham continued, noting that the importance of enhancing business-to-business engagement was underlined.
The foundational groundwork was established in March of last year when the two nations agreed upon formal Terms of Reference. This framework outlines the sectors and procedural principles governing the agreement, which typically entails the substantial reduction or elimination of import duties. The impending treaty is also expected to streamline the trade of services and promote cross-border investments, a move Maldivian officials believe will fortify commercial ties and drive economic advancement.