Maldives Seeks Stronger Ties With India, President Muizzu Proposes Free Trade Agreement
Date
7/29/2024 11:17:13 PM
(MENAFN- KNN India)
New Delhi, Jul 29 (KNN) In a significant development for India-Maldives relations, President Mohamed Muizzu of the Maldives has expressed gratitude towards India for its financial support in easing the island nation's debt repayment.
The statement came during his address at the official Independence Day celebrations on Friday.
President Muizzu emphasised the potential for strengthening bilateral ties, suggesting the possibility of a free trade agreement between the two nations.
"India will continue to remain the Maldives' closest ally," he asserted, dispelling any doubts about the relationship.
The Maldivian leader also revealed ongoing negotiations for a Free Trade Agreement with the United Kingdom, expressing hope for similar terms with India.
Additionally, he disclosed that discussions are underway for currency swap agreements with both New Delhi and Beijing to address local shortages of US dollars.
Acknowledging support from both India and China in easing the Maldives' debt burden, President Muizzu stated that such assistance contributes to the country's economic sovereignty.
According to recent data from The Edition, a Maldivian publication, the island nation's debt to India stands at approximately 6.2 billion Maldivian Rufiyaa.
The President's remarks come in the context of what he termed eight months of 'diplomatic success' in the Maldives' foreign policy administration.
This statement suggests a shift towards reconciliation in India-Maldives relations, which had previously experienced some tension.
In a notable gesture last month, President Muizzu attended the oath-taking ceremony of Indian Prime Minister Narendra Modi, who assumed office for a third consecutive term following victory in the recent Lok Sabha elections.
As both nations navigate their diplomatic and economic ties, President Muizzu's recent statements indicate a potential for enhanced cooperation and strengthened relations between the Maldives and India in the coming years.
(KNN Bureau)
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