August 7, 2024
1 min read

Maldives and China to implement FTA in September

The introduction of this local currency settlement aims to ease the import of goods such as vegetables, fruits, construction materials, and technology from China….reports Asian Lite News

The Maldives has announced steps towards establishing a Chinese bank in the country, alongside the implementation of a Free Trade Agreement (FTA) with China set to begin in September.

Maldives’ Minister of Economic Development and Trade, Mohamed Saeed, shared these developments at the ‘Maldives-Sichuan Trade and Investment Cooperation Conference.’

Saeed emphasized the economic potential of the FTA, which will include a ‘local currency settlement’ system allowing Maldivian businesses to trade with China using the Maldivian Rufiyaa and Chinese Yuan instead of USD.

Saeed noted that laws have been passed to facilitate this arrangement, and an agreement between the People’s Bank of China and the Maldives Monetary Authority is underway.

The introduction of this local currency settlement aims to ease the import of goods such as vegetables, fruits, construction materials, and technology from China.

The Maldives imports approximately USD 700 million worth of goods from China annually, including USD 19 million from Sichuan province.

The conference, attended by over 100 participants from both regions, sought to strengthen business relations and inform Chinese companies about investment opportunities in the Maldives.

Additionally, the Maldives is exploring a similar currency arrangement with India.

This initiative follows a visit by Maldivian Foreign Minister Moosa Zameer to China in July, amid cooling relations between the Maldives and India since the election of pro-China President Mohamed Muizzu.

President Muizzu’s government has already taken steps to reduce India’s military presence in the country.

ALSO READ: India releases new Haj policy, adjusts quota

Previous Story

Prioritise security concerns of India over Chinese ships: Lanka’s prez candidate

Next Story

Pakistani govt don’t want negotiations, Baloch people say

Latest from -Top News

India, Japan Eye Deeper Global Role

PM Modi will embark on his journey on August 29, which also marks his first annual summit with PM Ishiba….reports Asian Lite News Prime Minister Narendra Modi will meet Japanese counterpart Shigeru

Bangladesh Election 2026: Renewal or Ruin?

If reforms are upheld, February 2026 could mark a democratic turning point for Bangladesh. If not, the polls risk repeating a cycle of mistrust and division….reports Asian Lite News On 5 August

Organ Mafia Carves Up Pakistan’s Poor

What makes these crimes even more disturbing is the involvement of medical professionals. Surgeons, anaesthetists, and nurses—sworn to save lives—are repeatedly implicated….reports Asian Lite News The rescue of a young man in

Yunus Says Bangladesh ‘Stable, Ready for Polls’

Yunus stated that Bangladesh has reached a “stable enough” position and is ready to hold polls…reports Asian Lite News Bangladesh’s Chief Adviser Muhammad Yunus on Monday announced that national elections will be
Go toTop

Don't Miss

Taiwan yet to decide on Olympics boycott

The spokesperson also said that a cross-ministerial meeting will be

China holds 1st-ever anti-terror talks with Pakistan, Iran

The meeting is seen as new alignments in the region