India Renews Quota for Essential Commodities to Maldives for 2024-25

India has renewed its quota for essential commodities to the Maldives for the fiscal year 2024-25. This decision marks the highest approved quantities since the inception of the agreement in 1981, highlighting the deepening ties between the two nations. The renewal of the quota was praised by Maldivian Foreign Minister Moosa Zameer, who underscored its importance in expanding trade relations between India and the Maldives.

Removal of Export Restrictions

Under this renewed agreement, India has lifted export restrictions on several key items including potatoes, onions, eggs, rice, wheat flour, sugar, dal, stone aggregates, and river sand, which is expected to significantly benefit the Maldivian construction sector.

The announcement of this development was made by the Indian High Commissioner via a post on social media platform X, where he noted that the renewal was executed "under a unique bilateral mechanism," resulting in an upward revision of quotas for each of the listed items.

Expressing his appreciation, Foreign Minister Zameer conveyed his thanks to India's External Affairs Minister Dr. S. Jaishankar and the Government of India for facilitating the renewal of the quota. “I sincerely thank EAM @DrSJaishankar and the Government of #India for the renewal of the quota to enable #Maldives to import essential commodities from India during the years 2024 and 2025. This is truly a gesture which signifies the longstanding friendship, and the strong commitment to further expand bilateral trade and commerce between our two countries.,” tweeted Moosa Zameer.

https://t.co/Xxh1P2sS1S pic.twitter.com/FvgAcksXTE
— India in Maldives (@HCIMaldives) April 5, 2024
 

“You are welcome, FM @MoosaZameer. India stands firmly committed to its Neighbourhood First and SAGAR policies,” tweeted by Minister Jaishankar. Both countries aim to bolster economic cooperation, with bilateral trade having surpassed USD 500 million in 2022.

The roots of this renewed agreement trace back to the trade pact signed between India and the Maldives in 1981, which originally facilitated the export of essential commodities. Notable items where export restrictions have been lifted include dal, stone aggregate, and river sand.

You are welcome, FM @MoosaZameer. 

India stands firmly committed to its Neighbourhood First and SAGAR policies. https://t.co/mKYOYu2aM9
— Dr. S. Jaishankar (Modi Ka Parivar) (@DrSJaishankar) April 6, 2024
 

The quantities specified under the renewed quota encompass 21,513.08 tonnes of potatoes, 35,749.13 tonnes of onions, 1,24,218.36 tonnes of rice, 1,09,162.96 tonnes of wheat flour, 64,494.33 tonnes of sugar, and 224.48 tonnes of dal.