China Maldives Free Trade Agreement Pdf

China Maldives Free Trade Agreement Pdf

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The Maldives-China Free Trade Agreement was the first bilateral free trade agreement signed by the island state with a foreign country. According to china FTA Network, the agreement is expected to improve the well-being of businesses and citizens of both countries. As far as trade in goods is concerned, the agreed null customs products and their import volume account for almost 96%. It was also found that the Maldives` most superior export products, such as.B. water-based products, will also be exempt from customs duties. However, during yesterday`s parliamentary session, Finance Minister Ibrahim Ameer was asked why Maldivian fishermen did not benefit from this agreement. For the Maldives, an island economy highly dependent on tourism, the choice of openness seems the most obvious. By opening up its economy to the rest of the world, the Maldives will be able to better integrate trade flows between China, the African coasts, India and the new port of Gwadar in Pakistan. After Pakistan, the Maldives is also the second state in the South Asian Free Trade Area (SAFTA) to sign a free trade agreement with China; we can predict the imminent advent of greater trade integration in the region. Maldives for not pursuing free trade agreements with China China has not remained silent on Nasheed`s remarks on the agreement. In 2018, Chinese Foreign Ministry spokesman Geng Shuang said the free trade agreement was based on friendly and fair consultations between the two countries. “It`s good for both sides.

The early implementation of the agreement will bring benefits to both countries at an early stage. We believe that the Maldivian government will make the right choice in this regard. Maldivian parliament spokesman Mohamed Nasheed has hinted at a hardening of his attitude towards Beijing, categorically rejecting that the archipelago signs a free trade agreement (FTA) with China. The free trade agreement with China will also allow the Maldives to see the price of its imports fall. Some opposition leaders in the Maldives oppose the treaty and fear that the treaty will threaten local industry and benefit China too much. However, reducing tariffs on Chinese imports will also increase the purchasing power of local consumers. By signing a free trade agreement, the Maldives could secure its position as an important node on new Silk Roads. Since 2011, the Maldives is no longer considered by the United Nations as one of the least developed countries and, as a result, the European Union, its main trading partner, has imposed higher tariffs on Maldives products since 2014. A new free trade agreement with China will allow Malé to increase its seafood exports to the booming Chinese market. Although tourism is the main sector of the Maldives` economy, fishing remains an important activity and a source of employment. The free trade agreement with China could open up new opportunities for this sector. “We will not pursue the free trade agreement (FTA) with China. It will not be voted on in parliament,” said Nasheed, a member of the ruling Maldivian Democratic Party.

The FTA toolkit allows for a parallel comparative analysis of free trade agreements concluded. . . .