UK starts work on FTA with Maldives

Tuesday, 13 June 2023 00:28 - - {{hitsCtrl.values.hits}}

The UK has launched an eight-week call for input in preparation to negotiate a goods-only Free Trade Agreement (FTA) with the Republic of Maldives, inviting business, organisations and individuals to help shape the UK’s negotiating aims.

Maldives is one of the few countries in the Commonwealth which the UK is not already pursuing an FTA with or does not already have preferential access to the UK market.

The public consultation will also help to identify trade barriers which pose an obstacle to UK businesses attempting to export their goods to Maldives. The call for input will close on 2 August 2023 and is available on gov.uk.

Maldives was the UK’s 112th largest trading partner in the four quarters to the end of Q4 2022 accounting for less than 0.1% of total UK trade.

Total trade in goods and services (exports plus imports) between the UK and Maldives was £ 432 million in the four quarters to the end of Q4 2022, an increase of 63.6% or £ 168 million in current prices from the four quarters to the end of Q4 2021.

Total UK exports to Maldives amounted to £ 142 million in the four quarters to the end of Q4 2022 (an increase of 21.4% or £ 25 million in current prices, compared to the four quarters to the end of Q4 2021).

Total UK imports from Maldives amounted to £ 290 million in the four quarters to the end of Q4 2022 (an increase of 97.3% or £ 143 million in current prices, compared to the four quarters to the end of Q4 2021).In 2021, the outward stock of foreign direct investment (FDI) from the UK in Maldives was £ 45 million.

In 2021, the inward stock of foreign direct investment (FDI) in the UK from Maldives are not available due to data disclosure.