India, Maldives in discussions to negotiate free trade pact

Addressing a press briefing ahead of Prime Minister Narendra Modi's visit to the Maldives, Misri elaborated on the burgeoning economic relationship between the two countries, noting that India was one of the biggest trade partners of the Maldives, with bilateral trade reaching nearly $500 million, with Indian investments already in Maldivian sectors like tourism.

On the economic front, India is one of the largest trading partners of the Maldives. The bilateral trade is nearly $500 million, and Indian investors remain part of sectors such as tourism in the Maldives and other economic activities. On the economic front, one recent development which I would like to share with you is that both countries are in discussions to negotiate a free trade agreement and an investment treaty as well, and new areas of cooperation, including renewable energy, fisheries, etc., are also being worked on," Misri stated.

Beyond trade, Misri highlighted India's role as a traditional development partner for the Maldives, executing projects through concessional lines of credit, grants, and buyer's credit facilities.