- Hong Kong is the largest importer
- New market for fisheries
- Discussions to be wrapped up in six months
Economic Minister Mohamed Saeed has stated that the Maldives- Hong Kong free trade agreement will be agreed in six months.
Speaking to press, prior to departure for the third round of discussions for the Maldives- China free trade agreement, Minister Saeed said that this was the first time a free trade agreement was drawn up between Maldives and Hong Kong and that this will open up more opportunities for Maldivian businesses.
"Hong Kong, like Maldives is a service oriented country like Maldives, with an economy similar to Maldives as well. The most remarkable aspect is the financial system. This will benefit the financial sector as it grows. We will focus mainly on developing Maldives as a financial center," Saeed said.
Minister Saeed said the discussions with Hong Kong were held at the sidelines of free trade discussions with China. He assured that establishing a free trade agreement with Hong Kong will be concluded within about six months.
Minister Saeed said the discussions will center on exports to Hong Kong and a reduction of duties taken for the products.
"Fish especially grouper is exported to Hong Kong even now. Will seek a zero duty for these products," Saeed said.
He said the duty exemptions were sought as Maldives had graduated to a middle income nation and therefore had been exempted from many benefits granted to low income nations.
