News Desk
The Maldives and Turkey have formalized a new Preferential Trade Agreement (PTA), paving the way for increased trade, reduced tariffs, and expanded export opportunities. Signed by Economic Minister Mohammed Saeed for the Maldives and Trade Minister Prof. Dr. Omar Bolat for Turkey, the agreement promises substantial benefits for Maldivian businesses, especially fish exporters, and is expected to reduce costs on Turkish imports, impacting a wide array of products for Maldivian consumers.
The PTA is poised to significantly boost the Maldivian fishing sector, one of the country’s economic cornerstones. The agreement allows Maldivian fish exporters to ship products to Turkey duty-free, lifting tariffs on 39 essential items—some of which previously incurred duties of up to 60%—while providing substantial duty cuts on an additional 103 items. With access to Turkey’s market of over 85 million people, Maldivian seafood products now have a clear path to new consumer bases, marking a notable expansion for the industry.
Minister Saeed, who shared details of the agreement on X, emphasized the broader economic impact, stating that the deal would not only open new export channels but also make it easier for Maldivian businesses to access Turkish machinery and technology. Small businesses will likely benefit from decreased import costs on equipment and household items, while larger enterprises may see significant savings on bulk imports, such as construction materials crucial for resort development. “In the future, business and economic activities will increase and new opportunities will open up for businesses,” the Economic Ministry added in a statement.
Beyond the business community, the PTA promises direct benefits to Maldivian consumers, as the influx of Turkish products at reduced prices expands consumer choices and lowers costs on goods. Citizens can expect a wider range of consumer and industrial products from Turkey, potentially stimulating job creation in export and re-export sectors as trade activity grows.
The agreement, part of a broader strategy to enhance Maldives’ trade ties, was initially discussed during President Dr. Mohamed Muizzu’s official visit to Turkey last November, where he met with Turkish President Recep Tayyip Erdogan. The PTA is the latest step in the Maldives’ pursuit of diversified trade partnerships. In addition to activating a previously signed Free Trade Agreement with China from 2018, the Maldives has also announced its intention to start trade negotiations with India and the United Kingdom.
The new trade agreement signals a strategic shift in Maldives’ economic diplomacy, aiming to strengthen trade relationships and reduce dependency on limited markets. The Ministry of Economic Development underscored the PTA’s potential to deepen bilateral ties with Turkey, reduce trade barriers, and bring Turkish goods to the Maldives at affordable prices—positioning the agreement as a win for businesses and consumers alike.
