New Delhi [India], July 14 (ANI): India and the Maldives have moved a step closer to signing a Free Trade Agreement (FTA) after the successful conclusion of the first round of negotiations, with both countries making substantive progress across multiple negotiating tracks and reaffirming their commitment to expedite the agreement.

According to the Ministry of Commerce and Industry, the first round of India-Maldives FTA negotiations was held in virtual mode from June 29 to July 7, with negotiating teams from both sides holding text-based discussions across eight technical sessions covering eight policy areas.

Highlighting the progress made, the ministry said, 'Both sides made substantive progress across the negotiating tracks and reached broad convergence on several issues.'

The proposed FTA is expected to strengthen bilateral economic and trade relations by improving market access, facilitating investment, promoting greater economic cooperation and contributing to sustainable economic growth in both countries.

On July 8, Union Minister of Commerce and Industry Piyush Goyal met Maldives' Minister of Economic Development, Transport and Trade, Mohamed Saeed to review the progress of ongoing bilateral economic initiatives, including the FTA negotiations.

As India and the Maldives mark 60 years of diplomatic relations, both ministers reaffirmed their commitment to expedite the conclusion of both the Bilateral Investment Treaty (BIT) and the Free Trade Agreement. They also agreed to deepen cooperation in tourism, start-ups, digital payments, micro, small and medium enterprises (MSMEs) and trade.

India is currently the second-largest trading partner of the Maldives. Bilateral trade between the two countries rose to USD 771.76 million in 2025-26 from USD 679.70 million in 2024-25, registering a growth of 13.54 per cent, according to the ministry.

The ministry said both countries are working towards a broad-based, balanced and comprehensive agreement guided by the principles of fairness and reciprocity, with the proposed FTA expected to further strengthen bilateral trade and investment ties in the years ahead. (ANI)