Malé, Maldives – The Government of India on Wednesday cancelled the duty on fish exported from the Maldives to India.
This exception was granted under the Maldives’ inclusion in the South Asian Free Trade Area (SAFTA) allowing to broaden fish exports to the neighboring country.
Referring to this, the Minister of Economic Development Fayyaz Ismail stated that this opportunity will allow private companies like Maldives Industrial Fisheries Company (MIFCO) to gain market share in India.
India granted the exemption following discussions under SAFTA during President Ibrahim Mohamed Solih’s visit to India on the invitation of Prime Minister Narendra Modi earlier this month.
The South Asian Free Trade Area (SAFTA) is the free trade arrangement of the South Asian Association for Regional Cooperation (SAARC). The agreement came into force in 2006, succeeding the 1993 SAARC Preferential Trading Arrangement. SAFTA signatory countries are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.