FTA will allow a good market for fisheries: Minister Fayyaz

Economic Minister Fayyaz Ismail | Photo: Economic Ministry

Economic Minister Fayyaz Ismail today said that reaching the point of signing a free trade agreement between Maldives and the UK is the beginning of finding a better market for fisheries.

The UK has announced that it will start talks with the country’s authorities to sign a goods-only Free Trade Agreement (FTA) between Maldives and the UK.

In the announcement by the UK Government moments ago stated that it was inviting business, organisations and individuals to help shape the UK’s negotiating aims.

In a tweet, Fayyaz said the process of negotiating a free trade agreement between the UK and Maldives is an important step forward for Maldivian economy. Minister Fayyaz thanked the team of the Ministry of Economic Affairs and the Ministry of Foreign Affairs for their involvement.

Fayyaz also said that this is the most important step taken in recent history to facilitate the export of Maldivian fish products to the UK duty free.

Over the past four years, the Government of Maldives has actively pursued negotiations with the United Kingdom, striving to eliminate the existing 20% tariff imposed on our fish exports to the UK.

Government also stated that this significant step marks the start of the process to establish a Free Trade Agreement between the Maldives and the United Kingdom.

Through this agreement, the Government of Maldives seeks to gain preferential treatment to the goods traded to the United Kingdom and unhindered access to its market by elimination of tariffs.

Economic Minister Fayyaz said a free trade agreement with Maldives and the UK is expected to be signed in three to four months after the required public consultation is completed.

Fayyaz said the UK was the first European country to sign a free trade agreement with Maldives and it was a historic development.