Official Statement on the Expansion of Bilateral Trade Relations in Fisheries and Marine Resources with China-Maldives Free Trade Agreement (CMFTA)

The Ministry of Fisheries and Ocean Resources welcomes the activation of the China-Maldives Free Trade Agreement (CMFTA). This FTA marks a significant milestone in the economic relations between the Maldives and China, paving the way for increased investments in fisheries and enhanced trade of fisheries products from the Maldives. The primary objectives of the CMFTA are to boost exports, reduce trade barriers, and create new opportunities for investment and businesses in both the Maldives and China.

Under this FTA, almost all fisheries products from the Maldives will be eligible for export to China at zero tariff rate, with facilitated re-export processes. This will provide Chinese businesses with improved access to seafood sourced from the Maldives. Furthermore, a protocol signed between the two governments on October 29, 2024, establishes inspection and quarantine requirements for Maldivian wild aquatic products, further strengthening the export of seafood products.

The Ministry extends its congratulations to President Dr. Mohamed Muizzu, applauding his visionary efforts in activating the CMFTA. This agreement provides numerous opportunities for the advancement and diversification of the fisheries sector. The activation of the CMFTA marks a significant step forward in increasing the GDP contribution from the fisheries and ocean resources sector and improving the livelihoods of every fisherman.