The Ministry of Economic Development and Trade has announced that the Maldives-China Free Trade Agreement (FTA), effective January 1, 2025, will eliminate duties on Chinese imports, creating major opportunities for local businesses and workers.

In a statement shared on X, they emphasised that the transformative potential of the agreement, is expected to boost small businesses and skilled workers across the Maldives.

Under the FTA, duties on items such as 3D printers, label printers, and photocopying equipment will be eliminated. The deal will also remove duties on tools and raw materials for jewellery production, providing a much-needed lift to local artisans and related industries.

Speaking on MMTV’s Bodu Khabaru programme, Minister of Economic Development and Trade Mohamed Saeed explained the agreement’s benefits. The Minister noted that the Free Trade Agreement with China would be implemented in 20 days, reducing duties on approximately 70 to 90 per cent of Chinese imports to the Maldives to zero.

China, a major trading partner, supplies goods including construction materials, machinery, and specialised equipment to the Maldives. By slashing import costs, the agreement is anticipated to lower prices for consumers while providing local industries with better access to essential resources and advanced technology.

The FTA is expected to enhance trade ties between the two nations, offering a significant economic boost to the Maldives.