India and the Maldives have exchanged eight key agreements aimed at expanding cooperation across trade, finance, health, environment, and digital development during the ongoing two-day state visit of Indian Prime Minister Narendra Modi.

At a special ceremony held at the President’s Office following official talks between President Dr Mohamed Muizzu and Prime Minister Modi, senior officials from both governments were present to witness the exchange of documents, which reflect a renewed push to advance bilateral relations between the two countries.

Among the most significant steps was the launch of formal negotiations for a Free Trade Agreement (FTA), setting the stage for deeper economic integration. Additionally, a USD 565 million line of credit agreement through the Exim Bank of India is set to support the Maldives' ongoing development projects. An amendatory agreement was also exchanged to restructure existing credit lines, reducing the Maldives’ annual repayment obligations.

Other agreements focused on sectoral cooperation, including an MoU on fisheries and aquaculture, aimed at fostering sustainable practices and development in the maritime sector. In the field of health, the two countries agreed to facilitate the supply of affordable, high-quality medicines to the Maldives, supported by the recognition of Indian pharmacopoeia standards.

Environmental collaboration was also formalised through an MoU between the Indian Institute of Tropical Meteorology and the Maldives Meteorological Service, focused on climate monitoring and knowledge exchange. In the digital sector, both governments agreed to collaborate on expanding digital infrastructure and implementing successful population-scale digital solutions.

A notable financial technology agreement was also exchanged between India’s NPCI International Payments Limited and the Maldives Monetary Authority, enabling the rollout of India’s Unified Payments Interface (UPI) in the Maldives. This is expected to enhance the efficiency and accessibility of cross-border remittances.

This visit marks Prime Minister Modi’s first to the Maldives since assuming office for a third term. Prime Minister Modi’s visit coincides with the Maldives’ 60th Independence Day celebrations, further highlighting the significance of the diplomatic engagement.