Maldives-Turkey Free Trade Agreement Enters into Force: Opening a Market of Over 85 Million for Fishery Products

The Free Trade Agreement (FTA) signed between the Republic of Maldives and Turkey has officially entered into force, opening avenues to export Maldivian fishery products to a market of over 85 million people, according to Minister of Economic Development and Trade, Mohamed Saeed.

The Minister made these remarks in a shared post following the implementation of the bilateral trade agreement designed to expand commercial ties between the two nations. Highlighting today as a historic milestone, Minister Saeed stated that this marks a vital advancement in the economic and commercial relations of both countries. He noted that the Maldives-Turkey FTA is a prominent achievement built upon the shared vision of President Dr. Mohamed Muizzu and Turkish President Recep Tayyip Erdoğan.

Key Benefits of the Agreement

• Tariff Concessions: Under the agreement, tariff relaxations have been finalized for 75 product categories.

• Opportunities for Fishery Products: New prospects have been opened to export Maldivian tuna and fishery products to Turkey, a massive market comprising over 85 million customers.

• Easier Access to Essential Goods: The agreement establishes pathways for Maldivian businesses to seamlessly source Turkish products and essential goods.

Minister Saeed further expressed commitment to strengthening economic and trade cooperation between the two nations moving forward, building upon the framework of this newly enacted agreement.

Background of the Agreement

The Free Trade Agreement between the governments of Maldives and Turkey was signed on November 4, 2024. Minister of Economic Development and Trade Mohamed Saeed signed on behalf of the Maldivian government, while Turkish Trade Minister Prof. Dr. Ömer Bolat signed on behalf of Turkey.

The agreement stems from high-level discussions held during President Dr. Mohamed Muizzu’s state visit to Turkey in November 2023. Its core objectives are to increase bilateral trade volume, foster stronger connections between business communities, and create fresh commercial opportunities for enterprises in both countries.