China Maldives Free Trade Agreement

by admin on September 14, 2021

“The trade imbalance between China and the Maldives is such that no one would think of a free trade agreement between these parties. China doesn`t buy anything from us. It`s a one-sided treaty,” Nasheed said. At the time, President Yameen`s government claimed that the signing of the agreement with China was a significant step forward for the fisheries and tourism sector, adding that the free trade agreement allowed the Maldives to operate in the world`s largest consumer market without imposed tariffs. The Maldives` first bilateral free trade agreement, which requires both nations to reduce tariffs on most imported goods to zero, was rushed for hours. The free trade agreement signed in 2017 with China does not exist, said spokesman and former president Mohamed Nasheed. A year later, Ibrahim Mohamed Solih was elected the new president of the Maldives, almost ending the surprisingly close relations between the Maldives and China. In 2018, Nasheed, a former president and current parliament spokesman, said the signing of the free trade agreement was a mistake. “The trade imbalance between China and the Maldives is such that no one would think of a free trade agreement between these parties. China doesn`t buy anything from us. It is a unilateral treaty. “The free trade agreement between China and the Maldives was approved overnight by Parliament by strict order of President Yaameen.

He has never gone through the entire parliamentary process and none of the MPs have seen the agreement in its entirety. The free trade agreement is “cancelled from the beginning”, as one might say! ” said Ali Azim, Member of Parliament for Medhu Henvairu Constituency. He said his personal views on the free trade agreement had remained unchanged since his initial proposal and said the Maldives should not implement the agreement as it strongly favors China and would not bring substantial economic benefits to the Maldives. Despite some advantages, the minister said that the current provisions of the free trade agreement would have a negative impact on the Maldivian economy. Economic Development Minister Saeed said the Maldives hopes to obtain duty-free status for processed fish and seafood exports. The Maldives` first bilateral free trade agreement. Surprisingly, the Minister of Finance said that he was not aware of any operational free trade agreement. The minister said that a free trade agreement has been signed, but it will only come into force after the necessary laws. He added that it was “the responsibility of Parliament.” Citing Article 165 of the agreement, Nasheed said that “there is no free trade agreement between the Maldives and China.” China has not remained silent on Nasheed`s remarks on the deal.

In 2018, Chinese Foreign Ministry spokesman Geng Shuang said the free trade agreement was based on friendly and fair consultations between the two countries. “It`s good for both sides. The early implementation of the agreement will bring benefits to both countries at an early stage. We believe that the Maldivian government will make the right choice in this regard. Nasheed, a former president and now an adviser to Solih, said Parliament would not pass the legislative changes needed to get the zero-inch deal into effect. . . .

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