The China-Maldives Free Trade Agreement (FTA) is set to take effect on Jan. 1, 2025, China's Ministry of Commerce (MOC) said in a statement on Monday.

The FTA was announced by Chinese Commerce Minister Wang Wentao and the Maldives' Economic Development and Trade Minister Mohamed Saeed, according to the statement, which also noted that the two ministers held a video conference on the same day.

The vast majority of China's industrial exports to the Maldives, including ships, electrical equipment, furniture and agricultural products, will benefit from the FTA after its implementation.

The vast majority of the Maldives' aquatic exports to China will also enjoy zero tariffs, according to the statement.

The implementation of the FTA is expected to provide a solid institutional guarantee for the improvement of the trade and investment liberalization and facilitation levels between the two countries, significantly promote the development of bilateral economic and trade relations, and continuously improve the well-being of businesses and people in both countries.