Latest news with #India-MaldivesFreeTradeAgreement
Hans India
5 days ago
- Business
- Hans India
India, Maldives to boost bilateral cooperation in fisheries and aquaculture
New Delhi: The memorandum of understanding (MoU) between India and the Maldives to enhance bilateral collaboration in the fields of fisheries and aquaculture aims to promote sustainable tuna and deep-sea fisheries, strengthen aquaculture and sustainable resource management, foster fisheries-based eco-tourism, and support innovation and scientific research across both the countries, the government said on Saturday. The Department of Fisheries and the Ministry of Fisheries and Ocean Resources of the Maldives have signed an MoU to enhance bilateral collaboration in the fields of fisheries and aquaculture. The MoU is part of six MOUs exchanged between India and Maldives during Prime Minister Narendra Modi's state visit to the island nation, according to Ministry of Fisheries, Animal Husbandry and Dairying. Key areas of collaboration outlined in the MoU include value chain development, mariculture advancement, trade facilitation, and capacity building within the fisheries sector. As part of this initiative, the Maldives will scale up its fish processing capabilities by investing in cold storage infrastructure and strengthening the aquaculture sector through hatchery development, improved production efficiency, and the diversification of cultured species. The collaboration also will facilitate training and knowledge exchange programs, with a focus on capacity building in aquatic animal health, biosecurity screening, aquaculture farm management, and specialised technical fields such as refrigeration, mechanical engineering, and marine engineering to support long-term skills development within the sector. According to the ministry, the cooperation reflects the shared vision of India and Maldives to build a more resilient, innovative, and sustainable future for the fisheries industry. Several agreements across diverse sectors were signed which reaffirmed the bilateral partnership between India and Maldives. These include agreement for a Line of Credit (LoC) of Rs 4,850 crore to the Maldives; amendatory agreement on reducing annual debt repayment obligations of the Maldives on Indian government-funded LoCs; to launch the India-Maldives Free Trade Agreement (FTA)-Terms of Reference; MoU on cooperation in the field of Fisheries and Aquaculture; MoU between the Indian Institute of Tropical Meteorology (IITM), Ministry of Earth Sciences and the Maldives Meteorological Services (MMS), Ministry of Tourism and Environment; and an MoU on cooperation in the field of sharing successful digital solutions implemented at population scale for digital transformation, among others.
India Today
6 days ago
- Business
- India Today
Ties strong enough: India shrugs off anti-Modi post by Muizzu's brother-in-law
Foreign Secretary Vikram Misri on Friday brushed aside media queries about a now-deleted social media post by Maldivian President Mohamed Muizzu's brother-in-law regarding Prime Minister Narendra Modi, ahead of the latter's visit. Misri said India is more focused on strengthening its positive relationship with the Maldives, nearly 10 months after Muizzu visited said that rather than looking back, India prefers to focus on the future, dismissing the now-deleted critical post about PM Modi by Maldivian President Mohamed Muizzu's brother-in-law as mere "passing remarks."advertisementDismissing recent criticism from Muizzu's brother-in-law, Misri said, "Our ties are strong enough to withstand some of these passing remarks that have been made and have also withstood the test of time...I would prefer to look going with everything that has happened today and especially in the past 9-10 months since President Mohamed Muizzu visited India, the future is undoubtedly and unquestionably bright." The statements were made in response to a deleted social media post by Abdullah bin Mohammed Ibrahim, who referred to PM Modi as a "terrorist". PM Modi's visit to the Maldives resulted in several key agreements, including an extension of India's Line of Credit (LoC) to Rs 4,850 crore and kickstarting negotiations for an India-Maldives Free Trade Agreement (IMFTA).Highlighting the importance of security cooperation in the Indian Ocean, Misri said, "Maldivian President Mohamed Muizzu expressed his commitment to the importance that the Maldives attaches to security-related issues and the commitment of the two sides to continue to work together.""For us, it is always friendship first," PM Modi said in his media statement earlier today, adding the "roots of our relations are older than history, and as deep as the ocean."During his third official visit to the island nation, PM Modi also took part in the 60th Independence Day celebrations in the Maldives. He was warmly received by President Muizzu and other senior visit saw the inauguration of various development projects, including the handing over of 3,300 social housing units in Hulhumale and the launch of roads and drainage projects in Addu City. These projects reflect India's commitment to supporting infrastructure development in the gratitude for the warm reception, PM Modi said, "India and the Maldives are making significant efforts to further strengthen their mutual relations."PM Modi also handed over 72 vehicles and equipment for use by the Maldives National Defence defence ministry building is a "concrete building of trust" and it is a symbol of our "strong partnership", the prime minister said."India will continue to support Maldives in the development of its defence capabilities. Peace, stability and prosperity in the Indian Ocean region is our common goal," he comments came against the backdrop of New Delhi's concerns over China's attempts to expand its influence over the his remarks, Modi said the Maldives holds an "important place" in both India's "Neighbourhood First" policy and its MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions) vision."India is also proud to be the most trusted friend of Maldives. Be it a disaster or a pandemic, India has always stood by as a 'first responder'," he said.- EndsInputs from PTIMust Watch
India Today
6 days ago
- Business
- India Today
India extends Rs 4,850 crore credit line to Maldives during PM's visit
Prime Minister Narendra Modi, who is on a two-day visit to the Maldives, has reaffirmed India's commitment to supporting the island nation's development through a wide-ranging partnership. A major highlight of the visit was the signing of an agreement to extend a new Line of Credit (LoC) worth Rs 4,850 crore to the financial assistance is expected to fund key infrastructure and developmental projects across the country. This apart, an amendatory agreement was signed to reduce the Maldives' annual debt repayment obligations on previous Indian-funded LoCs, providing further financial relief to the both nations have also launched formal negotiations for the India-Maldives Free Trade Agreement (IMFTA), aimed at strengthening economic ties and expanding bilateral trade. To mark the 60th anniversary of diplomatic relations between the two countries, a joint commemorative stamp was also Memorandums of Understanding (MoUs) were signed to deepen cooperation in various sectors. These include agreements on fisheries and aquaculture, meteorological collaboration between India's Institute of Tropical Meteorology and the Maldives Meteorological Services aong with the sharing of scalable digital governance solutions to promote digital transformation.A MoU was also signed for the recognition of Indian Pharmacopoeia by Maldivian authorities, which will facilitate smoother trade in pharmaceutical products. Furthermore, a network-level agreement was concluded between NPCI International Payments Limited and the Maldives Monetary Authority to bring India's Unified Payments Interface (UPI) to the Maldives, strengthening financial visit also featured the inauguration and handing-over of several major development projects funded by India. These included the formal handover of 3,300 social housing units in Hulhumale built under India's Buyers' Credit facilities and the inauguration of the roads and drainage system project in Addu City. Apart from this, six High Impact Community Development Projects (HICDPs) will also be inaugurated in the nation to improve the local infrastructure. India also handed over 72 vehicles and various types of equipment to Maldivian Defence Ministry to bolster their security. - Ends
NDTV
6 days ago
- Business
- NDTV
India, Maldives Sign Several Pacts During PM Modi's Visit, Agree On Trade Deal Terms
Male: Prime Minister Narendra Modi on Friday held wide ranging talks with Maldives President Mohamed Muizzu at the President's Office in Male as both leaders reviewed the entire spectrum of India-Maldives relations and reaffirmed their commitment to further strengthening bilateral ties. "They discussed cooperation in the fields of development partnership, capacity building, health, infrastructure, digital economy, aquaculture, climate change and renewable energy. The two leaders called for closer collaboration to enhance peace, progress and prosperity of the Indian Ocean region," the Ministry of External Affairs (MEA) posted on X after the bilateral discussions. The leaders also took stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership' adopted in 2024. This is Prime Minister Modi's third visit to Maldives - he had visited the Indian Ocean archipelago in 2018 and 2019, earlier - and the first by a Head of State or Government to Maldives during the Presidency of Mohamed Muizzu which began in November 2023. Both countries announced later that they have agreed on Terms of Reference of the India-Maldives Free Trade Agreement (FTA) and also signed several Memorandums of Understanding (MoU), including in the fields of fisheries and aquaculture. The two nations also signed an agreement for a Line of Credit (LoC) of INR 4,850 crores to Maldives besides an amendatory agreement on reducing annual debt repayment obligations of Maldives on Government of India-funded LoCs. An MoU was also signed between the Indian Institute of Tropical Meteorology (IITM), Ministry of Earth Sciences and the Maldives Meteorological Services (MMS), Ministry of Tourism and Environment. The two nations also signed a MoU on cooperation in the field of sharing successful digital solutions implemented at population scale for Digital Transformation between the Ministry of Electronics and IT of India and Ministry of Homeland Security and Technology of Maldives. Both nations also signed an MoU on recognition of Indian Pharmacopoeia (IP) by Maldives. Network-to-Network Agreement between India's NPCI International Payment Limited (NIPL) and Maldives Monetary Authority (MMA) on UPI in Maldives was also signed during PM Modi's visit to Maldives. Earlier in the day, PM Modi was accorded a ceremonial welcome and guard of honour at the Republic Square in Male as he began his official engagements during a two-day State Visit to the country. Maldives President Mohamed Muizzu was also present on the occasion. Children performed a dance to welcome PM Modi at the venue and the ceremonial welcome was followed by a meeting between the two leaders. In a special gesture, President Muizzu welcomed PM Modi at the airport in Male as he arrived from the United Kingdom. Maldives Foreign Minister, Defence Minister, Finance Minister and Minister of Homeland Security were also present at the airport to welcome PM Modi. PM Modi said that he is "deeply touched" by Muizzu's gesture of coming to the airport to receive him. He expressed confidence that the ties between two nations will scale new heights of progress in the coming times. "Landed in Male. Deeply touched by the gesture of President Muizzu to come to the airport to welcome me. I am confident that India-Maldives friendship will scale new heights of progress in the times to come," PM Modi posted on X. PM Modi will participate in the country's 60th Independence Day celebrations as the Guest of Honour on Saturday. This is his third visit to the Maldives and notably the first by any head of state or government since Muizzu assumed office.
Hans India
6 days ago
- Business
- Hans India
India and Maldives sign several MoUs during PM Modi's visit, agree on FTA Terms of Reference
Male: Prime Minister Narendra Modi on Friday held wide ranging talks with Maldives President Mohamed Muizzu at the President's Office in Male as both leaders reviewed the entire spectrum of India-Maldives relations and reaffirmed their commitment to further strengthening bilateral ties. "They discussed cooperation in the fields of development partnership, capacity building, health, infrastructure, digital economy, aquaculture, climate change and renewable energy. The two leaders called for closer collaboration to enhance peace, progress and prosperity of the Indian Ocean region," the Ministry of External Affairs (MEA) posted on X after the bilateral discussions. The leaders also took stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership' adopted in 2024. This is Prime Minister Modi's third visit to Maldives - he had visited the Indian Ocean archipelago in 2018 and 2019, earlier - and the first by a Head of State or Government to Maldives during the Presidency of Mohamed Muizzu which began in November 2023. Both countries announced later that they have agreed on Terms of Reference of the India-Maldives Free Trade Agreement (FTA) and also signed several Memorandums of Understanding (MoU), including in the fields of fisheries and aquaculture. The two nations also signed an agreement for a Line of Credit (LoC) of INR 4,850 crores to Maldives besides an amendatory agreement on reducing annual debt repayment obligations of Maldives on Government of India-funded LoCs. An MoU was also signed between the Indian Institute of Tropical Meteorology (IITM), Ministry of Earth Sciences and the Maldives Meteorological Services (MMS), Ministry of Tourism and Environment. The two nations also signed a MoU on cooperation in the field of sharing successful digital solutions implemented at population scale for Digital Transformation between the Ministry of Electronics and IT of India and Ministry of Homeland Security and Technology of Maldives. Both nations also signed an MoU on recognition of Indian Pharmacopoeia (IP) by Maldives. Network-to-Network Agreement between India's NPCI International Payment Limited (NIPL) and Maldives Monetary Authority (MMA) on UPI in Maldives was also signed during PM Modi's visit to Maldives. Earlier in the day, PM Modi was accorded a ceremonial welcome and guard of honour at the Republic Square in Male as he began his official engagements during a two-day State Visit to the country. Maldives President Mohamed Muizzu was also present on the occasion. Children performed a dance to welcome PM Modi at the venue and the ceremonial welcome was followed by a meeting between the two leaders. In a special gesture, President Muizzu welcomed PM Modi at the airport in Male as he arrived from the United Kingdom. Maldives Foreign Minister, Defence Minister, Finance Minister and Minister of Homeland Security were also present at the airport to welcome PM Modi. PM Modi said that he is "deeply touched" by Muizzu's gesture of coming to the airport to receive him. He expressed confidence that the ties between two nations will scale new heights of progress in the coming times. "Landed in Male. Deeply touched by the gesture of President Muizzu to come to the airport to welcome me. I am confident that India-Maldives friendship will scale new heights of progress in the times to come," PM Modi posted on X. PM Modi will participate in the country's 60th Independence Day celebrations as the Guest of Honour on Saturday. This is his third visit to the Maldives and notably the first by any head of state or government since Muizzu assumed office. India and Maldives sign several MoUs during PM Modi's visit, agree on FTA Terms of Reference
