Presidential decisions and a communiqué published in the Official Gazette confirmed that all legal and technical preparations have been completed for the Preferential Trade Agreement (PTA) between Turkey and Maldives, which will enter into force on August 1.
A statement from the Ministry of Trade noted that the agreement will elevate commercial relations between the two countries to a new dimension. The statement said the PTA establishes a framework for market access in goods trade, technical barriers to trade, sanitary and phytosanitary measures, and rules of origin.
Under the agreement, Turkish exporters have gained a significant competitive advantage in the Maldivian market across 404 tariff lines covering a wide range of products, including iron and steel and articles thereof, aluminum plates, electrical equipment and parts, refrigerators, air conditioners, televisions, marine vessels, furniture, plastic goods, cosmetics, chocolate, confectionery and sausages. In accordance with the agreement, Turkey has granted tariff reductions or exemptions on 154 tariff lines consisting of certain seafood products originating from the Maldives.
Once the agreement takes effect, Turkish firms are expected to strengthen their competitiveness in the Maldivian market, while the Maldives gains preferential access to Turkey for its seafood exports.