Maldivian courts will be obliged to enforce arbitration awards.
Maldives former president Mohamed Nasheed, whose party won a landslide in the archipelago’s parliamentary election, on Tuesday pledged to conduct a thorough probe into deals with China.
The Maldives-China Free Trade Agreement (MCFTA) is in limbo as the new Maldivian government is looking into all deals, including the MCFTA, entered into by the previous regime.
The Maldives incurred huge debts and the amount owed to China is still being assessed given that the pitfalls of China’s influence over the Maldivian economy.
A bilateral investment protection agreement is expected to be signed between India and the Maldives.
New Maldives President offered the opportunity for India to revive relations with the Maldives after former government deepened cooperation under the Belt and Road initiative and signed the China-Maldives free trade agreement.
The Maldives’ new government will pull out of a free trade agreement with China because it was a mistake for the tiny nation to strike such a pact with the world’s second biggest economy, the head of the largest party in the ruling alliance said.
Even before China and the Maldives last month signed the FTA in question, the paradisaic archipelago’s increasing economic dependence on China was raising red flags.
The land grab was happening because of a Free Trade Agreement, Special Economic Zones and an amendment to the Constitution authorising foreign ownership of land or freeholds.
Maldivian Foreign Minister’s visit signals possible thaw in ties strained over FTA with China.
The Maldives prez rushed into the agreement without following legal norms which created considerable anti-China sentiments among his people.
Now that the agreement has been signed between China and Maldives, India has said it expected the Indian Ocean archipelago nation to be sensitive to New Delhi’s concerns.
The controversial China-Maldives free trade agreement (FTA) is expected to open the doors of trade in 64 different fields in Maldives for China while the Asian monolith will open trade doors in 98 fields to Maldives.
In November 2016, the Maldives said that it would sign its first free trade agreement soon, ostensibly with India. A year later, the island country has indeed signed its first FTA, but with China.
Another contentious parliament sitting has left angry opposition lawmakers and public alike stunned and understandably outraged. This time, the government, for the first time in Maldives’ history pushed through a landmark free trade agreement with China.
Negotiations are underway to establish a free trade agreement between Maldives and Hong Kong.
The two-day discussion on establishing the Maldives-China free trade pact began early Monday in Bandos Island Resort.
The second meeting of the Maldives-China Joint Commission for Trade and Economic Cooperation ended with the signing of the MOU between both countries to begin discussions of the Maldives-China free trade agreement.
Maldives Minister of Fisheries and Agriculture Dr Mohamed Shainee has revealed that China is to become the Maldives first free trade partner.
The Maldives and Chinese government have agreed to start discussions on a free trade agreement.