The China-Maldives Free Trade Agreement officially came into effect on January 1. In terms of trade in goods, more than 95% of the products of both sides will eventually achieve zero tariffs.
Shandong Province is one of the provinces with the highest import and export value to the Maldives. In a company in Yantai, Shandong, a batch of electrical equipment to be exported to the Maldives is being produced. The person in charge told reporters that the Maldives is a new market opened up by their company in recent years, and the value of electrical products exported to it in 2024 is nearly 10 million yuan.
After the agreement comes into effect, my country's exports to the Maldives of industrial products such as ships, steel, furniture, ceramics, and agricultural products such as vegetables and fruits will benefit. Maldivian-origin aquatic products, nuts, and wooden decorations will also enjoy preferential treatment under the agreement.
After the China-Maldives Free Trade Agreement came into effect, more than 70% of Maldives' tariff items were directly reduced to zero tariff. Shandong's main beneficiary industries are plastic products, steel products, and auto parts. According to preliminary estimates, in the first year after the agreement came into effect, Shandong companies' exported products can enjoy tax concessions of about 8 million yuan in the Maldives.
