In the wake of diplomatic strains between India Land the Maldives, India has implemented stringent port restrictions on the export of essential commodities to the island nation.
The move comes following a notification issued by the Directorate General of Foreign Trade (DGFT), which outlines specific customs stations through which exports to the Maldives will be permitted.
As per the DGFT notification, the export of essential commodities to the Maldives will now be exclusively allowed through four designated customs stations: Mundra Sea Port, Tuticorin Sea Port, Nhava Sheva Sea Port, and ICD Tughlakabad. This decision underscores India's efforts to regulate the flow of goods to its neighbouring country amidst ongoing diplomatic tensions.
The recent development follows an unusual bilateral mechanism initiated on April 5, amidst escalating diplomatic discord between India and the Maldives. Under this mechanism, India granted approval for the export of predetermined quantities of essential commodities for the fiscal year 2024-25, in response to a request from the Maldivian government.
Significantly, the approved export quantities mark a historic high since the inception of the bilateral trade agreement between India and the Maldives in 1981. This agreement, signed over four decades ago, facilitated the export of essential commodities between the two nations.
Key highlights of the recent export approvals include a substantial increase in quotas for crucial construction materials such as river sand and stone aggregates, essential for the booming construction sector in the Maldives. The quota for these materials has been augmented by 25 percent, amounting to 1,000,000 metric tonnes.
Bu hikaye The Business Guardian dergisinin April 17, 2024 sayısından alınmıştır.
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Bu hikaye The Business Guardian dergisinin April 17, 2024 sayısından alınmıştır.
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