Will India do FTA to help Maldives? Muizzu's minister claimed

India-Maldives News: Maldives on Saturday said that India has started efforts for a Free Trade Agreement (FTA) between the two countries and discussions are ongoing to achieve this goal. "They (India) want to have a separate free trade agreement with the Maldives in addition to SAFTA (South Asian Free Trade Agreement)," Economic Development and Trade Minister Mohammed Saeed said at a press conference. The President of India has given this opportunity to all the countries and the government aims to enter into agreements with more and more countries, so that ease of trade activities can be provided. 

Business will be 500 million dollars in 2022

India's reported attempt to demand an FTA with Maldives comes in the backdrop of the ongoing diplomatic dispute between the two countries since November last year. President Muizzu, known for his pro-China stance, took oath of office in November last year. The 1981 trade agreement between India and Maldives provides for the export of essential commodities. Growing from modest beginnings, India-Maldives bilateral trade crossed $300 million for the first time in 2021, reaching $500 million in 2022, according to Indian High Commission records.

Muizzu government wants to launch RuPay card in Maldives

Earlier, recently Mohammed Muizzu government had decided that India's RuPay card system will soon be launched in Maldives. This will boost the currency of Maldives. National Payments Corporation of India (NPCI)'s RuPay card is the first card included in the global card payment network in India.