The Maldives and the United Arab Emirates (UAE) are working toward signing a Comprehensive Economic Partnership Agreement (CEPA), according to Chief Government Spokesperson Mohamed Hussain Shareef (Mundhu).

Speaking on the state media programme “Raajje Miadhu,” Mundhu said discussions between the UAE Ministry of Foreign Trade and the Maldives Ministry of Economic Development are now at an advanced stage.

He highlighted the importance of the fisheries sector to the Maldivian economy, noting that around 95 percent of the Maldives’ exports are fish products. Mundhu expressed confidence that exports could double or even triple within the next two years.

Mundhu said the CEPA agreement would provide stronger market access for Maldivian fish products in the UAE. He added that the agreement was first initiated during his tenure as the Maldives’ ambassador to the UAE.

He also noted growing opportunities for Maldivian fishermen in larger international markets, including countries within the Russian bloc such as Russia, Kazakhstan, Belarus, Armenia and Uzbekistan.