India and Maldives are holding talks to enhance bilateral trade cooperation
There was also a 5 percent increase in quotas for eggs, potatoes, onions, sugar, rice, wheat flour and dal (pulses) and the quantities approved were the highest since this scheme came into effect in 1981.
India on Wednesday said it looks forward to strengthening bilateral economic cooperation with the Maldives as its envoy held talks with a senior minister from the archipelago.
Mohamed Saeed, Minister of Economic Development and Trade of the Maldives, met on Tuesday with Munu Mahawar, the Indian High Commissioner to the archipelago.
The meeting comes weeks after India allowed the export of certain quantities of essential goods for the year 2024-2025 at the request of the Maldivian government and ahead of the May 10 deadline imposed by President Mohamed Muizzu for the complete repatriation of 88 Indian military personnel from India. his country.
Minister @em_saeed met with Indian High Commissioner to Maldives HE Munu Mahawar and discussed possible areas for trade and economic cooperation. @HCIMaldives, the Maldives Ministry of Economic Development and Trade posted from its official X handle, along with photos from the meeting.
Shortly afterwards, the Indian High Commission responded: We look forward to continued collaboration with @MoEDmv to further strengthen economic cooperation between India and Maldives.
Earlier on April 5, India said the request to allow export of certain quantities of essential commodities for the year 2024-25 was made under a unique bilateral mechanism. the quotas for each of these posts have been adjusted upwards.
There was also a 5 percent increase in quotas for eggs, potatoes, onions, sugar, rice, wheat flour and dal (pulses) and the quantities approved were the highest since this scheme came into effect in 1981.
The 1981 trade agreement between India and Maldives provides for the export of essential goods. Bilateral trade between India and Maldives crossed the $300 million mark for the first time in 2021 and further crossed the $500 million mark in 2022, according to Indian High Commission data.
India emerged as the Maldives’ second largest trading partner in 2022 and the largest in 2023. Indian imports from Maldives are mainly scrap metal, while Indian exports to Maldives include a variety of engineering and industrial products such as medicines and pharmaceuticals, radar equipment and boulders. , aggregates, cement and agricultural products such as rice, spices, fruits, vegetables and poultry products etc., the report said.
The April 5 announcement also stated that the quota for river sand and stone aggregates, crucial products for the Maldives’ booming construction sector, has been increased by 25 percent to 10,00,000 tonnes each.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: May 01, 2024 | 7:50 PM IST