India and Maldives Near Trade Accord as Bilateral Commerce Hits $772 Million

New Delhi – After a series of intensive negotiations, India and the Maldives are edging close to a comprehensive Free Trade Agreement, with the first round of talks declared complete on Tuesday. The dialogue is expected to create a new wave of commercial and investment activity across the region.

Official statistics reveal that the trade volume between the two nations reached $771.76 million in FY 2025‑26, a rise from $679.70 million the previous year, representing a 13.54% increase. The Maldives now stands as India’s second‑largest trade partner among island economies.

Eight technical working groups examined core policy pillars, covering customs, standards, services, digital economy, MSMEs, and more. The sessions produced substantial headway on tariff reductions, market‑access provisions and regulatory cooperation.

India’s chief negotiator, Joint Secretary Ujjwal Kumar Ghosh, and Maldives’ lead envoy Yusuf Reza jointly steered the discussions, noting a spirit of partnership and shared objectives throughout the process.

Earlier, Commerce Minister Piyush Goyal met with Maldives’ Minister Mohamed Saeed to assess the FTA’s progress and other bilateral projects. Both sides, marking six decades of diplomatic friendship, pledged to finalise the Bilateral Investment Treaty and the Free Trade Agreement in the coming months.

The agreement also targets enhanced collaboration in tourism, start‑ups, digital payments, and the MSME segment, with the aim of creating fresh economic opportunities. Stakeholders anticipate smoother market entry, heightened investment flows and reinforced sustainable growth for both countries.