Minister of Economic Development, Transport and Trade Mohamed Saeed has said that the first round of negotiations on the Free Trade Agreement (FTA) between the Maldives and India has concluded, with the Government aiming to finalise the agreement before the end of the year.

Speaking at a press conference at the President's Office on Tuesday, Minister Saeed said negotiations cover 12 sectors and involve discussions on trade in goods and services, technical barriers to trade and broader economic cooperation. He added that the Government is working closely with private sector stakeholders as negotiations continue.

The minister said the proposed FTA forms part of the Government's strategy to diversify the Maldivian economy beyond tourism by expanding access to international markets and creating new export opportunities. He added that the agreement would also help create opportunities for Maldivian entrepreneurs to grow their businesses and take their ideas to overseas markets.

The Maldives is currently negotiating the FTA with India after bringing its Free Trade Agreement with China into force in January 2025. The country has also signed a Preferential Trade Agreement with Türkiye, with preparatory work continuing before the agreement enters into force.