The Free Trade Agreement between the Maldives and China is set to come into force on Wednesday.

During an online ceremony attended by Chinese Commerce Minister Wang Wentao and Maldivian Economic Minister Mohammed Saeed today, it was formally announced that the historic first bilateral Free Trade Agreement enters into force starting January 1st.

At the ceremony, Chinese Commerce Minister Wang Wentao said the agreement will come into force on Wednesday. All the necessary preparations have already been made, he said.

Minister Wang said the agreement would exempt the Maldives from duty on fish exports to China and facilitate the importation of Chinese electronics and furniture.

Economic Minister Mohammed Saeed said the agreement will benefit Maldivian businesses and the economy of the Maldives. It will also facilitate the sale of Maldivian products in China, he said.

The Free Trade Agreement was signed in December 2014 during former President Abdullah Yameen's visit to China. The agreement was approved by parliament in 2017, but was delayed with the change of government in 2018.