The fourth and final round of free trade negotiations between the Maldives and China in Hong Kong. PHOTO/ECONOMIC MINISTRY
The Maldives and China commenced the final round of free trade negotiations early Tuesday.
The fourth round of talks is being held in Hong Kong with the Maldivian delegation headed by economic minister Mohamed Saeed and commissioner general of customs Ibrahim Shareef Mohamed.
Prior to his departure to Hong Kong late Sunday, Minister Mohamed Saeed had stated that both nations have put forward their conditions for the free trade agreement and are nearly at a deal. He said the final discussions to be carried out over the course of four days will finalise their conditions and proceedings to an official agreement.
According to the minister, the Maldives submitted two main points for the deal. The first is exemption of tax from all food and seafood products exported from the archipelago to China, while the second calls for tax exemption for fish and seafood containing products that are prepared using 30 – 40 percent resources from the Maldives. As an example of the latter, Minister Saeed cited the shrimp brought in from India and Sri Lanka and prepared in the Maldives to be exported to China.
The Maldives and China entered into free trade talks last year September 8 and have currently held three rounds of discussions. China had also conducted research earlier this year into the potential advantages of entering such a deal with the island nation.
Participating as an observer in the discussions is Hong Kong, which had officially announced interest in entering into free trade with the island nation. The Maldives and Hong Kong are to also commence free trade talks during this trip.
The free trade deal with China and then Hong Kong will mark the first time for the Maldives to enter into such an agreement with a specific country. Previously the island nation entered into a regional agreement with South Asian Free Trade Area (SAFTA) which includes all South Asian Association for Regional Cooperation (SAARC) countries.