Maldives Customs Service announced that goods valued at MVR 1.9 million have been imported under the Free Trade Agreement (FTA) between the Maldives and China since its implementation earlier this year.

The agreement, which came into effect on 1 January, has facilitated multiple shipments through both air and sea routes. According to Customs officials, these imports include nine air shipments valued at MVR 882,381 (CIF) and three sea shipments worth MVR 1,040,875 (CIF), with sea cargo typically taking 21 days to reach the Maldives from China.

The FTA marks a significant shift in trade relations between the two nations, building on last year's momentum when China's exports to the Maldives rose by 15.5 per cent to reach USD 409.9 million.

The Maldivian Government projects that the new agreement will enable trade worth up to one billion dollars. Minister of Economic Development and Trade Mohamed Saeed has emphasised that 91 per cent of goods will be exempt from duty under the arrangement.

A notable feature of the agreement is the provision for transactions to be conducted in Maldivian Rufiyaa rather than US dollars. Minister Saeed highlighted that this arrangement would significantly ease operations for Maldivian businesses and help address the country's ongoing dollar shortage.