Turkey and Maldives signed a Preferential Trade Agreement (PTA), on 4 November 2024, aiming to strengthen trade relations and enhance economic cooperation between the two nations.
The agreement was signed by Economic Minister Mohamed Saeed on behalf of the Maldives and Turkish Trade Minister Prof. Dr. Ömer Bolat on behalf of Turkey.
The agreement, which coincides with the 45th anniversary of diplomatic ties between the countries, seeks to reduce trade barriers and encourage commerce through tariff concessions.
Speaking at the signing ceremony, Turkish Trade Minister Prof. Dr. Ömer Bolat expressed optimism about the future of bilateral trade. “We will work to increase our mutual trade volume, which reached USD 33.5 million in 2023, to more than USD 100 million as soon as possible after this preferential trade agreement is signed and comes into effect,” he said.
The PTA provides preferential access to specific goods by reducing, but not completely eliminating, customs tariffs.
