Maldives and Hong Kong on Tuesday kick-started the second round of negotiations of the free trade agreement between the two countries.
Economic minister Mohamed Saeed in his opening remarks of the sit-down in Bandos Island Resort said the the pact would be based on the legal text of the similar free trade agreement between Maldives and China.
The existing Maldives-China agreement would expedite the process of an almost similar pact with Hong Kong, Saeed added.
"The agreement with Hong Kong would be beneficial to both sides. We believe that this would open the people of both countries to new markets and opportunities," he explained.
Noting that the negotiations have come a long way, the minister expressed hopes of reaching an agreement in the next round of talks.
Earlier this month, Maldives China had ended negotiations of the free trade agreement which expected to be signed in June this year.
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.
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.
The government had also announced plans to initiate more bilateral free trade agreements with nations including the US, UK, Japan and the European Union (EU).
