The Economic Ministry has announced that the Maldives–Türkiye Preferential Trade Agreement has entered into force today, marking a significant milestone in the economic and trade relations between the two countries.
In a statement, the Ministry said that the agreement, signed in November 2024, establishes a framework for preferential market access between the two countries.
It said that the agreement is designed to facilitate bilateral trade, promote greater business-to-business engagement, and create new commercial opportunities for enterprises in both the Maldives and Türkiye.
The Ministry further stated that, under the agreement, the Maldives and Türkiye have exchanged preferential tariff concessions covering 75 tariff lines at the six-digit level of the Harmonized System.
It explained that the agreement provides enhanced preferential market access for Maldivian Fisheries exports to Türkiye, strengthening the competitiveness of one of the Maldives' principal export industries in a market of more than 85 million consumers.
The Ministry said that the agreement also enables Maldivian businesses to source a wider range of Turkish products, including essential commodities, under preferential tariff arrangements.
It further said that the implementation of the agreement reflects the growing economic partnership between the Maldives and Türkiye and builds upon the momentum generated by the official visit of President Dr. Mohamed Muizzu to Türkiye in November 2023.
