MALE, 23 July 2021, (TON): A Memorandum of Understanding (MoU) has been signed between India and Maldives for cooperation in exchange of pre-arrival information for the facilitation of trade and customs control on goods.

Chairman of Central Board of Indirect Taxes and Customs (CBIC) of India M. Ajit Kumar signed the MoU on behalf of India. Commissioner General of Maldives Customs Service Abdulla Shareef signed on behalf of Maldives.

This MoU will provide a framework for the exchange of pre-arrival information contained in customs documents submitted at the time of export  to effectively reduce the time consumed by Customs in their procedures and optimize forms and methods of customs control on goods.

The data exchange will also enhance the overall efficiency of customs administrations on both sides and deliver significant benefits in terms of better facilitation of trade, security of the supply chain and revenue collection.

In a statement, Maldives Customs detailed that the healthy bilateral ties maintained between India and Maldives under the leadership of President Ibrahim Mohamed Solih and Prime Minister Narendra Modi have significantly paved the way to strengthen trade and commercial ties between the two countries.

In this regard, they highlight the commencement of direct cargo services between the countries in September 2020, that led India to become the second-largest trade partner of the Maldives in last year. This is a three-rank improvement compared to its rank as the fifth in 2019.