Maldives Customs has confirmed that goods valued at MVR 1.9 million have been cleared under the China-Maldives Free Trade Agreement (FTA), which came into effect on January 1.
According to Customs, nine shipments imported via air freight have been cleared under the agreement, with a total Cost, Insurance, and Freight (CIF) value of MVR 882,381. Additionally, three shipments processed through sea freight were cleared with a CIF value of MVR 1,040,875.
Economic Minister Mohamed Saeed previously stated that the China-Maldives FTA is expected to unlock new business opportunities in the Maldives. Under the agreement, duty exemptions on Chinese imports will progressively increase by an additional 20 percent, reaching 90 percent within the next five years.
Authorities believe the FTA will facilitate smoother trade flows and bolster economic ties between the two nations, benefiting local businesses and importers by reducing costs and enhancing market access.