Bharat and the Maldives are gearing up to bolster their economic ties, as evidenced by recent discussions between Mohamed Saeed, Maldives’ Minister of Economic Development and Trade, and Munu Mahawar, Bharatiya High Commissioner to the Maldives.
The meeting, held on Tuesday, aimed to explore avenues for enhancing trade and economic cooperation between the two countries.
This development follows Bharat’s recent decision to permit the export of essential commodities to the Maldives for the fiscal year 2024-25, in response to a request from the Maldivian government. The move underscores Bharat’s commitment to supporting the development goals of its neighbor and strengthening bilateral relations.
The dialogue between Minister Saeed and High Commissioner Mahawar underscores the mutual desire to further deepen economic collaboration. Both sides expressed optimism about the potential for expanding trade ties and identified key areas for cooperation during their discussions.
The Maldives’ Ministry of Economic Development and Trade took to social media to highlight the meeting, emphasizing the importance of fostering trade and economic partnerships. The exchange of views between the two officials signals a proactive approach towards advancing bilateral relations for mutual benefit.
Minister @em_saeed met with Indian High Commissioner to Maldives, H. E. Munu Mahawar, and discussed potential areas for trade & economic cooperation.@HCIMaldives pic.twitter.com/QaubOLBMId
— Ministry of Economic Development and Trade (@MoEDmv) May 1, 2024
In a reciprocal gesture, the Bharatiya High Commission expressed eagerness for continued engagement with the Maldives’ Ministry of Economic Development and Trade to enhance economic cooperation.
The sentiment reflects Bharat’s commitment to nurturing a strong and enduring partnership with the Maldives.
Notably, the recent decision to allow the export of essential commodities is part of a longstanding bilateral mechanism established between Bharat and the Maldives. This mechanism, dating back to 1981, facilitates the export of vital goods to meet the needs of the Maldivian populace.
Bharat-Maldives bilateral trade has witnessed significant growth in recent years, surpassing the USD 500 million mark in 2022.
Bharat has emerged as the Maldives’ second-largest trade partner, with trade encompassing a diverse range of goods including engineering products, pharmaceuticals, and agricultural produce.
The increase in quotas for essential commodities, such as river sand and stone aggregates, is poised to support the Maldives’ burgeoning construction sector. This move aligns with Bharat’s commitment to aiding the Maldives’ economic development and infrastructure progress.
Overall, the discussions between Minister Saeed and High Commissioner Mahawar mark a crucial step towards strengthening the economic partnership between Bharat and the Maldives. As both countries look towards the future, the focus remains on fostering cooperation and fostering shared prosperity.
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