India-Maldives Begin Free Trade Agreement Talks, Strengthening Ties

India and Maldives have embarked on negotiations for a Free Trade Agreement, marking a pivotal advancement in their economic partnerships. The announcement was made by Maldivian President Mohamed Muizzu during a press conference with India's Prime Minister Narendra Modi in Male, highlighting enhanced cooperation in trade, defence, and infrastructure projects.

In a significant diplomatic move, India and Maldives have initiated negotiations for a Free Trade Agreement (IMFTA), as announced during a joint press conference in Male. Maldivian President Mohamed Muizzu and India's Prime Minister Narendra Modi underscored the importance of this step in strengthening economic relations between the two nations.

Detailing the discussions, Muizzu expressed his pleasure over the talks, which focused on broadening cooperation in trade, defence, and infrastructure. The bilateral meeting included both a one-on-one discussion and at the delegation level, emphasizing collaboration in key sectors and the development of strategic projects supported by newly signed MoUs.

Among the outcomes was India extending a Line of Credit (LoC) of Rs 4,850 crores to Maldives and reducing its annual debt repayments on Gol-funded LoCs. Additionally, commemorative events celebrated 60 years of diplomatic ties, including the release of a stamp and agreements across various infrastructure projects and social housing initiatives in the Maldives.

(With inputs from agencies.)