MALÉ: The Maldives is working to exempt duties from fish products exported to the Chinese market during the ongoing discussions between China and the Maldives to establish a free trade pact, stated economics minister Mohamed Saeed on Tuesday.
Regarding the two-day discussion which began in Bandos Island Resort on Monday, the minister told reporters that the agreement would bring numerous benefits to the nation.
“[It will be beneficial] especially for businessmen. The export goods for local businessmen are fish products. Our greatest target is to exempt duties for [fish products] exported to the Chinese market,” said the minister. According to Minister Saeed, the government expects to sign the free trade agreement either before the end of 2016 or in early 2017.
“Both countries are highly interested [in signing the pact]. The two countries also have their own challenges and uniqueness in this subject. The Maldives is a small nation, whereas our negotiating partner is the largest economy in the world. Hence, [the agreement] promises great benefits to both,” said the minister.
Saeed highlighted that the discussion focuses much on how to reduce duties for imported and exported goods between both nations. “What we want is to export our goods to the Chinese market in the simplest way possible. We’re discussing how to provide the greatest benefit to Maldives’ traders and civilians.”
The minister declared that the talks are proceeding smoothly in accordance with the global rules of international trade specified by World Trade Organisation (WTO). He announced the second discussion will be held February 29 to March 4 next year in Chinese capital Beijing.
Heading the discussion for the Maldives is economic minister Mohamed Saeed, and the director general of the Ministry of Commerce, Hongxia Dong for China.
The Maldives-China free trade pact marks the first such agreement between the Maldives with another country. The Maldives had previously signed a free trade agreement with the South Asian Association for Regional Cooperation (SAARC) — the South Asian Free Trade Area (SAFTA) — but it is a regional agreement.
