Economic Minister Mohamed Saeed has announced that the Maldives has imported goods worth MVR 1 billion from China this year under the Free Trade Agreement (FTA) between the two countries.

Speaking at the Aha Forum, Minister Saeed clarified that the recent drop in import duty revenues has nothing to do with the FTA. He explained that while the total value of imports from China was around MVR 340 million, the actual duty benefits from the FTA were only MVR 23 million—just 1 percent of total imports.

"The Maldives depends on imports, so making trade easier benefits both businesses and the public," he said. He also noted that while some may have different views on free trade, the agreement helps reduce trade barriers and supports economic growth.

The Maldives-China FTA, which took effect on May 1, 2020, removed duties on 70 percent of Chinese imports. From January 1, 2025, tariffs on nearly 95 percent of Maldivian exports to China will also be eliminated. Additionally, duty waivers on Chinese imports will increase by 20 percent over the next five years.

The agreement was originally signed in 2014 during former President Abdulla Yameen Abdul Gayoom’s visit to China and was ratified by Parliament in 2017, though its implementation was delayed after 2018.

Minister Saeed urged Maldivian businesses to take full advantage of the FTA, highlighting its potential to boost trade and economic growth.