India, Maldives hold talks to enhance trade cooperation
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Maldives President Mohamed Muizzu delivers a national statement at the World Climate Action Summit during the United Nations Climate Change Conference of the Parties (COP28) in Dubai on December 1, 2023. (Reuters)
The meeting comes weeks after India allowed the export of certain quantities of essential commodities for the year 2024-25 on the request of the Maldives government.
India on Wednesday said it looks forward to strengthening bilateral economic cooperation with Maldives as its envoy held discussions with a senior minister of the archipelagic nation. Maldives Economic Development and Trade Minister Mohammed Saeed on Tuesday met Indian High Commissioner to the archipelago nation Munu Mahawar.
The meeting was held at the request of the Government of Maldives to allow export of certain quantities of essential commodities by India for the year 2024-25 and ahead of the May 10 deadline imposed by President Mohammed Muizzu for the complete repatriation of 88 Indian military personnel. It happened a few weeks after it happened. his country. “Minister @em_saeed met H.E. Munu Mahavar, Indian High Commissioner to Maldives and discussed potential areas of trade and economic cooperation. @HCIMaldives, the Ministry of Economic Development and Trade of Maldives posted from its official X handle along with photos of the meeting.
Soon after, the Indian High Commission responded: “We look forward to continued engagement with @MoEDmv to further enhance India-Maldives economic cooperation.” Earlier on April 5, demonstrating a strong commitment to support human-centric development in the archipelagic nation, India said the request to allow export of certain quantities of essential commodities for the year 2024-25 is “a unique It was being done under bilateral mechanism. Under which the quota for each of these items has been revised upward.
The quota of eggs, potatoes, onions, sugar, rice, wheat flour and pulses (dal) also increased by 5 per cent and the approved quantity was the highest since the implementation of this system in 1981. The 1981 India and Maldives trade agreement provides for the export of essential goods. Growing from modest beginnings, India-Maldives bilateral trade crossed the US$300 million mark for the first time in 2021, going on to cross the US$500 million mark in 2022, according to Indian High Commission records.
“India emerges as Maldives’ second largest trading partner in 2022 and largest in 2023. Indian imports from Maldives mainly consist of scrap metals, while Indian exports to Maldives include a variety of engineering and industrial products such as drugs and pharmaceuticals, radar equipment, rock. Boulders, aggregates, cement and agricultural products like rice, spices, fruits, vegetables and poultry products etc,” it said. The April 5 announcement also said the quota of river sand and stone aggregate, important for the booming construction industry in the Maldives, has been increased by 25 percent to 1,000,000 metric tonnes.