India Maldives Free Trade Agreement : Maldives said on Saturday that India has initiated efforts for a free trade agreement (FTA) between the two countries and discussions are on to achieve this goal. “They (India) want a separate free trade agreement with Maldives apart from SAFTA (South Asian Free Trade Agreement),” Economic Development and Trade Minister Mohamed Saeed said in a press conference. Saeed said the Maldives President has given this opportunity to all countries and the government’s aim is to sign agreements with as many countries as possible to facilitate trade activities.
Trade was $ 500 million in 2022
India’s alleged attempt to seek an FTA with the Maldives comes against the backdrop of a diplomatic row between the two countries since November last year. President Muizzu, known for his pro-China stance, was sworn in last November. The 1981 trade agreement between India and Maldives provides for the export of essential commodities. Growing from modest beginnings, India-Maldives bilateral trade crossed $300 million for the first time in 2021, reaching $500 million in 2022, according to Indian High Commission records.
Muizzu government wants to introduce Rupay card in Maldives
Earlier, recently the Mohammad Muizzu government had decided that India’s RuPay card system will soon be introduced in Maldives. This will boost the currency of Maldives. The RuPay card of National Payment Corporation of India i.e. NPCI is the first card in India to be included in the global card payment network.
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