Minister of Economic Development, Transport and Trade Mohamed Saeed has announced that official negotiations have begun on a Free Trade Agreement (FTA) between the Maldives and India.

Saeed said the first round of talks was held yesterday, describing the agreement as a step towards strengthening trade relations between the two countries.

The FTA initiative follows an agreement signed during Indian Prime Minister Narendra Modi's visit to the Maldives last year. The two countries also signed the Terms of Reference for the negotiations in March.

The minister said the government aims to conclude the agreement as soon as possible.

He added that the FTA is expected to make it easier for Maldivian products to enter the Indian market by reducing import duties and removing other trade barriers.