The China-Maldives Free Trade Agreement will come into effect on January 1, 2025, as announced by the Chinese Ministry of Commerce on Monday. The announcement of the trade agreement was made during a video conference held on the same day between Chinese Commerce Minister Wang Wentao and Maldives Minister of Economic Development and Trade Mohamed Saeed.
Following the agreement, the majority of China’s industrial exports to the Maldives, including ships, electrical equipment, furniture, and agricultural products, will benefit from the Free Trade Agreement. Additionally, the majority of the Maldives’ seafood exports to China will benefit from zero customs duties.
The implementation of the Free Trade Agreement is expected to provide a solid institutional guarantee for the liberalization and facilitation of trade and investment between the two countries, significantly promote the development of bilateral economic and trade relations, and continuously improve the welfare of businesses and people in both countries.