India-Maldives Free Trade Agreement Talks Begin Amid Push for Stronger Economic Ties

India-Maldives Free Trade Agreement Talks Begin Amid Push for Stronger Economic Ties

New Delhi July 8 [VoM News]: India and the Maldives have formally commenced negotiations over the proposed Free Trade Agreement (FTA), strengthening their pledge for the promotion of bilateral trade, investment and planning for a sustainable economic partnership.

The verdict was declared after discussions between Maldives Minister of Economic Development, Transport and Trade Mohamed Saeed and India’s Minister of Commerce and Industry Piyush Goyal on Saeed’s official tour to India at the request of Goyal.

As per a press release by the Ministry of Economic Development, Transport & Trade of Maldives, ministrers also review progress of the ongoing economic project and welcomes the initiation of negocations of the India-Maldives Free Trade Agreement.

Both parties reiterated their intention to pursue the negotiations in a positive and cooperative spirit.

The proposed FTA enhances market access of the private sector in each country, lower barriers to trade and investment, generate a new trend of playing the role of the private sector insuring, consistent with long-term economic development.

In the course of the discussion the ministers also discussed ways to broaden collaborative efforts beyond trade to encompass investment facilitation and balanced economic growth. Fresh commitment was made by India and the Maldives to strengthen the brotherly ties through increased economic cooperation.

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The ministry announced that the agreement would increase trade and investment flows by creating new market opportunities and strengthening economic cooperation.

India continues to be among the most important development and trading partner of the Maldives. Our working partnership has centred on infrastructure development connectivity, health, education and training, tourism and capacity building.

Minister Saeed was accompanied by Maldives High Commissioner to India Aishath Azeema and senior officials of the Ministry of Economic Development, Transport and Trade and the Maldives High Commission in New Delhi.

No date has been set for an end to negotiations; however, each government was optimistic that further talks would lead to a final trade agreement that would be of economic advantage to each nation in the future.