ENA Global 2024-05-27 15:53:59 <p><span style="font-size:14px"><strong>New Delhi, May 27 (KNN)</strong> The Maldives government revealed on Saturday that India has initiated efforts to establish a bilateral Free Trade Agreement (FTA) between the two nations, with deliberations currently ongoing.</span></p> <p><span style="font-size:14px">Mohamed Saeed, Minister of Economic Development and Trade, stated in a press conference, India desires to have a Free Trade Agreement with Maldives, in addition to the existing South Asian Free Trade Agreement (SAFTA). </span></p> <p><span style="font-size:14px">India's reported pursuit of an FTA with Maldives comes amid an ongoing diplomatic rift between the two countries since November 2023, when the pro-China leaning President Muizzu assumed office.</span></p> <p><span style="font-size:14px">Within hours of his inauguration, he had demanded the withdrawal of Indian military personnel from Maldives, which was completed earlier this month with their replacement by civilians.</span></p> <p><span style="font-size:14px">Despite the absence of an FTA, India has offered trade concessions on several products to Maldives, according to Minister Saeed.</span></p> <p><span style="font-size:14px">The 1981 India-Maldives trade agreement already provides for the export of essential commodities, and bilateral trade surpassed USD 500 million in 2022, growing from USD 300 million in 2021, as per Indian High Commission records.</span></p> <p><span style="font-size:14px">While disclosing India's FTA proposal, Saeed did not provide further details about his recent high-level meeting with Indian High Commissioner Munu Mahawar, where they discussed strengthening cooperative ties in multiple areas.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37958 https://knnindia.co.in/news/newsdetails/global/india-seeks-free-trade-agreement-with-maldives-discussions-underway 2024-05-27 15:53:59 knnindia.co.in