China-Maldives Free Trade Agreement: Nearly 96% of tariff items will achieve zero tariffs

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The Ministry of Commerce recently announced that on December 30, 2024, Minister of Commerce Wang Wentao held a video meeting with Maldives Minister of Economic Development and Trade Saeed, and the two sides jointly announced that the China-Maldives Free Trade Agreement will officially take effect on January 1, 2025.
According to the Ministry of Commerce, the negotiations on the China-Maldives Free Trade Agreement were launched in December 2015. After five rounds of formal negotiations and one ministerial consultation, the two sides reached an agreement on all issues and formally signed the agreement on December 7, 2017. After that, both sides have promoted the ratification procedures. At present, both sides have completed the ratification of the agreement and agreed to take effect on January 1, 2025 in accordance with the relevant provisions of the agreement.
The Ministry of Commerce stated that after the entry into force of the China-Maldives Free Trade Agreement, most of China's industrial products such as ships, electrical equipment, furniture, and agricultural products such as vegetables and fruits exported to the Maldives will benefit. Most of the aquatic products originating in the Maldives will also enjoy zero new zealand telegram number database tariff treatment when exported to China. The entry into force and implementation of the agreement will provide a solid institutional guarantee for improving the level of trade and investment liberalization and facilitation between the two countries, effectively promote greater development of bilateral economic and trade relations, and continuously enhance the well-being of enterprises and people
of the two countries. According to information released by the Chinese Embassy in the Maldives, Said said at the launch ceremony of the entry into force of the China-Maldives Free Trade Agreement on December 30, 2024 that the Maldives-China Free Trade Agreement is the first bilateral free trade agreement signed by the Maldives. Its entry into force will be recorded in the history of the Maldives as a milestone event, and it is believed that it will bring transformative benefits to the two countries.
When introducing the relevant situation of the entry into force and implementation of the China-Maldives Free Trade Agreement, the head of the International Department of the Ministry of Commerce said that in terms of trade in goods, according to the negotiation base year data, the number of product tariff items and import volume that the two sides finally achieved zero tariffs accounted for more than 95%; in terms of trade in services, the two sides will further open up their service sectors to each other on the basis of their respective WTO commitments. The agreement will also bring more convenience to Chinese tourists traveling to the Maldives; in terms of investment, the two sides promise to give each other's investors national treatment and most-favored-nation treatment after access, encourage two-way investment and provide convenience and effective protection for it. At present, China is ready for the entry into force and implementation of the agreement, including preparations for the implementation of tariff concessions and rules of origin.