India and Maldives Discuss Free Trade Agreement
Meeting Between PM Modi and President Muizzu
Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu met in New Delhi to discuss a potential free trade agreement between India and Maldives. Although specific details were not disclosed, both leaders emphasized the importance of strengthening economic ties.
Launch of RuPay Card in Maldives
During the talks, the RuPay card was launched in Maldives, and plans were announced to connect the two countries through the Unified Payments Interface (UPI) in the future. This initiative is part of India’s effort to extend the benefits of UPI beyond its borders.
Infrastructure and Economic Cooperation
President Muizzu expressed gratitude for India’s support in Maldives’ infrastructure development and highlighted the potential of a free trade agreement to boost Indian investments in tourism and other sectors. He also invited PM Modi to visit Maldives next year.
Comprehensive Vision Document
The leaders agreed on a comprehensive vision document for economic and maritime security partnership, covering areas such as trade, digital initiatives, energy projects, and health cooperation.
President Muizzu’s Visit to India
This visit marks President Muizzu’s first bilateral trip to India, where he will also visit Mumbai and Bengaluru for business events. The visit underscores the importance of India-Maldives relations, particularly in the context of India’s ‘Neighbourhood First Policy’ and ‘SAGAR’ vision.
Doubts Revealed
Free Trade Agreement -: A Free Trade Agreement is a deal between two or more countries to reduce or remove barriers like taxes on goods and services they trade with each other. This makes it easier and cheaper for countries to buy and sell things from each other.
RuPay card -: RuPay is an Indian payment card system, similar to Visa or MasterCard, that allows people to make electronic payments. It is used for transactions like shopping or withdrawing money from ATMs.
UPI -: UPI stands for Unified Payments Interface, which is a system in India that allows people to transfer money instantly between bank accounts using a mobile phone. It makes sending and receiving money very easy and quick.
Infrastructure support -: Infrastructure support refers to help provided by one country to another in building essential facilities like roads, bridges, and buildings. This support helps improve the basic structures needed for a country to function well.
Maritime security -: Maritime security involves protecting the seas and oceans from illegal activities like piracy, smuggling, and pollution. It ensures safe and secure use of the sea for trade and travel.