The Maldives Customs Service has reported that goods valued at more than MVR 1.9 million have been cleared under the China-Maldives Free Trade Agreement (FTA) since the agreement took effect in January 2025.
According to Customs figures, nine air consignments were imported and cleared, with a total Cost, Insurance, and Freight (CIF) value of MVR 882,381. An additional three shipments arrived by sea, amounting to MVR 1,040,875 in CIF value.
Economic Development Minister Mohamed Saeed earlier stated that the FTA would boost trade prospects for the Maldives by facilitating current account transactions with China. Under the agreement, the Maldives is exempt from paying duties on 91% of imported goods, and purchases can be made using the local currency, the Maldivian Rufiyaa.
The China-Maldives Free Trade Agreement was originally signed in 2014 during the administration of former President Abdulla Yameen Abdul Gayoom. It was later put under review and effectively suspended by the subsequent Maldivian Democratic Party (MDP) government, but has since come into force as of January 2025.
