Maldives to pull out of China FTA

Male, November 19

The Maldives’ new government will pull out of a free trade agreement with China because it was a mistake for the tiny nation to strike such a pact with the world’s second biggest economy, the head of the largest party in the ruling alliance said.

“The trade imbalance between China and the Maldives is so huge that nobody would think of an FTA between such parties,” said Mohamed Nasheed, chief of the Maldivian Democratic Party, which leads the ruling federal alliance. “China is not buying anything from us. It is a one-way treaty.”   

On Saturday, as he took office, President Ibrahim Mohamed Solih warned that the country was in financial difficulty after racking up debt with Chinese lenders. Ex-President Abdullah Yameen signed the pact in December and the House ratified it despite opposition protests. — Reuters

To rejoin Commonwealth

The new President of the Maldives has decided that the country will rejoin the Commonwealth group of former British colonies following a two-year absence. President Ibrahim Mohamed Solih's office says that the decision was made on Monday after his Cabinet recommended the move. AP