As the Maldives gears up to sign its first bilateral free trade pact with Asian giants China, the government has invited several countries to initiate negotiations to establish similar agreements with the archipelago, economic minister Mohamed Saeed revealed Wednesday.
Speaking to reporters after ending the first day of the two day final round of talks for the free trade pact with China, the minister revealed that the government had invited several countries, which include UK, Japan, US and the European Union (EU) to negotiate free trade agreements.
When asked if any of the countries had responded to the invitation, Saeed said the government was now ready to enter negotiations with one country which he however refused to name.
"We've made great progress. So Insha Allah we can kick-start free trade negotiations with another country next month," Saeed said.
Maldives and China entered into free trade talks in 2014 and had held four rounds of discussions.
Maldives is seeking tax exemption from all food and seafood products exported from the archipelago to China, which according to the government includes over 400 local products currently in the market.
China had also conducted research earlier this year into the potential advantages of entering such a deal with the island nation.
Government had announced plans to sign the agreement in June this year.
Saeed however said the agreement may not be signed on the date previously announced due to the long administrative process.
But the government hopes to sign the agreement before the end of the year, Saeed added.
Maldives and Hong Kong are also engaged in talks to establish a similar agreement.
The free trade deal with China will mark the first time Maldives to enter into such an agreement with an individual country.
The island nation had earlier entered a regional agreement with South Asian Free Trade Area (SAFTA) which includes all South Asian Association for Regional Cooperation (SAARC) countries.
