India, Maldives conclude first round Of FTA talks, aim to deepen trade and investment ties

India and the Maldives have successfully concluded the first round of negotiations for a proposed Free Trade Agreement (FTA). The negotiations were held virtually from June 29 to July 7, the Ministry of Commerce and Industry said in a statement on Tuesday.

India's delegation was led by Ujjwal Kumar Ghosh, Joint Secretary in the Department of Commerce, while the Maldivian side was headed by Chief Negotiator Yusuf Riza.

According to the ministry, negotiators from both countries held text-based discussions across eight technical sessions covering eight policy areas. "Both sides made substantive progress across the negotiating tracks and reached broad convergence on several issues," the ministry said.

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Ministers Review Progress

The negotiations were reviewed during a meeting on July 8 between Commerce and Industry Minister Piyush Goyal and Maldives' Minister of Economic Development, Transport and Trade Mohamed Saeed.

The two ministers reviewed the progress of ongoing bilateral economic initiatives, including the FTA negotiations.

As India and the Maldives mark 60 years of diplomatic relations, both sides reaffirmed their commitment to speed up the conclusion of the proposed Bilateral Investment Treaty (BIT) and the Free Trade Agreement (FTA).

They also agreed to deepen cooperation in tourism, startups, digital payments, MSMEs and trade to create new economic opportunities.

Bilateral Trade Continues To Grow

India remains the second-largest trading partner of the Maldives.

According to the Commerce Ministry, bilateral trade reached $771.76 million in the 2025-26 financial year, registering a 13.54% increase from the previous year.

Of the total trade, India's exports stood at $458.71 million, while imports from the Maldives were valued at $313 million.

What The FTA Aims To Achieve

The proposed agreement is expected to strengthen economic ties by improving market access, facilitating investments, and expanding overall economic cooperation.

The ministry said both countries are working towards "a broad-based, balanced and comprehensive agreement guided by the principles of fairness and reciprocity."

The FTA is also expected to contribute to sustainable economic growth in both countries by creating new opportunities for businesses and investors.