India and Maldives govt sign MoUs, agreements on Rupay, FTA talks, and anti-corruption

India and the Maldives signed several key agreements on Monday, including the launch of RuPay services and the initiation of Free Trade Agreement (FTA) talks. Maldivian President Mohamed Muizzu, on a four-day visit to India, held delegation-level discussions with Prime Minister Narendra Modi in New Delhi. The leaders also virtually inaugurated the runway of Hanimaadhoo International Airport in the Maldives, marking a significant boost in infrastructure development.

The introduction of India’s RuPay card in the Maldives was a major highlight of the talks. During the press conference, Prime Minister Modi emphasized the growing economic cooperation between the two nations, noting that RuPay is just the beginning, with future plans to integrate India's UPI system into the Maldives. This step is expected to make financial transactions between the two countries more efficient and accessible.

Apart from economic agreements, the two countries signed a Memorandum of Understanding (MoU) between India’s Central Bureau of Investigation (CBI) and the Anti-Corruption Commission of Maldives to strengthen efforts in combating corruption. A separate MoU on sports and youth affairs was also renewed, underlining the importance of people-to-people ties. Additionally, a currency swap agreement was signed to bolster financial stability and trade between the two nations.

Modi stressed that India has consistently been the Maldives' first responder in times of need and highlighted the deep-rooted ties between the countries. He added that these agreements mark a new phase in their strategic partnership, particularly in economic and maritime security. President Muizzu thanked India for its continued support in the Maldives' socio-economic and infrastructure development.