Maldives president hopes for Free Trade Deal with India, thanks New Delhi

Male: Maldives President Mohamed Muizzu told a national event in the Island nation that his country would seek to sign a free trade agreement with New Delhi, News agency ANI reported.

Thanking India for its support to ease Male’s debt repayment, Muizzu expressed hope of forging stronger ties with the neigbouring country.

He was speaking at the official Independence Day function on Friday when he commended his administration's foreign policy.

Muizzu claimed ‘diplomatic success’ during his term while expressing gratitude to India and China for their support in easing the Maldives' debt repayment.

He said that in order to solve ‘local shortage’ of US dollars, his administration is negotiating an agreement for currency swap with India and China.

The Maldives President also told the event that his government is looking forward to create a Free Trade Agreement (FTA) with India just as the one it is negotiating with the UK.

The Mohamed Muizzu government’s conciliatory approach to India is notable following its overture of friendship with China.

Diplomatic relations with India and Maldives soured after Muizzu administration came to power months ago.

However, President Muizzu attended PM Modi’s oath ceremony showing signs of rapprochement.

This comes after Muizzu earlier this year sought debt relief measures in the repayment of huge loans from India.

Maldives owes to India a loan amount of 6.2 billion Maldivian Rufiyaa by the end of last year.

Alongside, the International Monetary Fund (IMF) urged Maldives to try significant policy changes in the face of high risk of debt situation.

Maldives President Mohamed Muizzu came to power whipping up an 'anti-India' rhetoric in the campaign calling for 'India Out', meaning to remove Indian troops stationed on the island.

Coming to power, Muizzu on his first official visit went to Turkey, followed by China, departing from the convention of first visiting India.