Economic Development Minister Mohamed Saeed, indicate significant progress in bilateral relations. Contents of FTA have been finalized, signaling a positive step forward in trade relations. This reflects the commitment of both nations to enhance economic cooperation.

The agreement is set to be submitted for approval to Türkiye’s parliament. This step is crucial, as parliamentary endorsement will formalize the agreement and allow for its implementation.

Following the approval, the Maldives is expected to benefit from the waiving of duties on some imported items from Türkiye, which could lead to cost savings for consumers and businesses in the Maldives. The inclusion of incentives for a total of 53 items suggests a strategic selection of goods to enhance trade.

The groundwork for this FTA was laid during President Dr. Muizzu’s initial trip after taking office in November 2023. This emphasizes the importance of diplomatic engagement and the desire to strengthen economic ties.

The agreement could stimulate economic growth in both countries by fostering trade, diversifying products available in the Maldives, and potentially enhancing tourism and investment opportunities.

Overall, the impending free trade agreement between the Maldives and Türkiye highlights a strategic move towards deeper economic integration and collaboration, promising mutual benefits once implemented.