To assist the Maldives in diversifying its economy and bolstering its own resilience, Maldivian Foreign Minister Moosa Zameer called on the European Union (EU) to do away with the excessive duties imposed on the country’s exports of fisheries on Friday.
At the EU Indo-Pacific Ministerial Forum Roundtable on “Shared prosperity, economic resilience and investments,” which was place in Brussels, Belgium, he made the call.
In his address, Minister Zameer said Maldives’ fisheries industry remains a proud source of income, especially in the island communities.
The Minister explained that the Maldives is looking to boost fisheries exports to EU countries while pointing out that the government was building new fish processing facilities across the nation to empower fishermen.
But in order to do this, he emphasised how crucial it is to have an environment that is free and fair for investment and commerce.
“In order to do this, it is imperative that we first remove the unfair duties that the European Union has placed on our sole export, sustainable tuna. We can strengthen our own resilience and diversify the economy with this,” he continued.
Additionally, the previous government had repeatedly pleaded with EU countries to lower or waive the levies imposed on Maldivian fishery exports. This trajectory was also the subject of discussions.
The rate at which MIFCO buys fish was increased from MVR 17 to MVR 25, assuming a decrease in taxes.
The taxes were not, however, lowered. As a result, some local businesses in the industry were unable to continue operating since they could not afford to buy fish at the higher price. In addition, fishermen had expressed worries about not getting paid for their invoices on time.
With Maldives graduating as a middle-income country in 2013, EU countries, including the UK, imposed a 24 percent duty fee.
