India and the Maldives signed a Memorandum of Understanding (MoU) on Thursday for cooperation in the exchange of pre-arrival information for the purposes of facilitating trade and customs control on goods.
According to Maldives Customs, the purpose of the MoU is to establish a framework for exchanging pre-arrival information relating to customs documents submitted prior to exporting goods, which will minimise time spent in procedures and optimise forms and methods of customs control on commodities.
Customs further noted that data exchange cooperation will increase the overall efficiency of customs administrations in both nations and bring considerable benefits in terms of improved trade facilitation, supply chain security, and revenue collection.
While noting that trade between the Maldives and India has increased, Maldives Customs stated that the signing of the MoU would strengthen bilateral relations and make it easier for companies to do business.
The Maldives has also benefited greatly from improved trade connections, with Maldivian exports to India increasing significantly from previous years between January and June 2021. At the request of the Maldives government, India recently renewed and increased quotas to provide nine vital commodities to the Maldives.
