Male [Maldives], July 25 : India and Maldives on Friday announced the initiation of negotiations for the launch of a Free Trade Agreement (IMFTA).
Maldivian President Mohamed Muizzu, on Friday, announced the beginning of negotiations for a Free Trade Agreement between the two countries during a joint press conference in Male with Prime Minister Narendra Modi.
Muizzu said, "I am also pleased to announce the initiation of negotiations for a free trade agreement between India and the Maldives. This landmark initiative marks a significant step forward in strengthening our economic partnership."
Prime Minister Narendra Modi today held wide-ranging talks with Maldivian President Mohamed Muizzu, focusing on consolidating cooperation in areas of trade, defence and infrastructure. The two leaders held a one-on-one meeting as well as delegation-level talks.
Both countries exchanged MoUs in the presence of Prime Minister Modi and Maldives President Muizzu.
Muizzu said, "The Prime Minister's visit coincides with two cherished occasions. Tomorrow, PM Modi will join me in the 60th Independence Day celebrations of the Maldives. Today, we have jointly released a commemorative stamp to mark the 60th anniversary of the establishment of formal diplomatic relations between the Maldives and India. This afternoon, Prime Minister Modi and I had extensive discussions."
Muizzu said that the resources from MoUs will be used for utilization of Maldives government across key sectors.
"Prime Minister Modi and I had the honour of witnessing the signing of four MoUs and three agreements on several key areas. Among these is a line of credit agreement for USD565 million. This will be utilised for priority projects of my government across key sectors," he said.
The outcomes included the initiation of the India-Maldives Free Trade Agreement (IMFTA) negotiations.
India extended the Line of Credit (LoC) of Rs 4,850 crores to Maldives.
India reduced annual debt repayment obligations of Maldives on Gol-funded LoCs. There was joint issuance of commemorative stamp on 60th anniversary of establishment of India-Maldives diplomatic relations.
Handing over of 3,300 social housing units in Hulhumale under India's Buyers' Credit facilities took place.
Inauguration of Roads and Drainage system project in Addu city, inauguration of 6 High Impact Community Development Projects in Maldives took place.
Handing-over of 72 vehicles and other equipment also took place from India to Maldives. India will also provide 72 heavy vehicles to the Maldivian Ministry of Defence.