Dubai-The United Arab Emirates and Argentina have signed an agreement on the avoidance of double taxation with the aim of boosting expanding joint economic partnerships, a move that is expected to improve trade between the two countries, which currently stands at 1.08 billion dollars.

The agreement was signed on Thursday by Obaid Humaid Al Tayer, Minister of State for Financial Affairs, and visiting Argentina’s Vice President Gabriela Michetti, in the presence of Fernando Ramon Martinis, Ambassador of the Republic of Argentina to the UAE.

Al Tayer told the state news agency WAM, that the agreement would contribute directly to increasing the two-way trade exchange, tapping investment opportunities available in both countries and encouraging movement of imports and exports between the two countries.

“This agreement, the seventh of its kind with a country from Latin and Central American country after Mexico, Venezuela, Panama, Chile, Uruguay and Barbados, falls within the ministry’s efforts to bolster economic, trade and investment co-operation with other countries, creating favorable conditions for investment and economic development and ensure protection of investment,” he added after the signing ceremony.

So far, the UAE has signed 103 agreements on avoidance of double taxation on income as part of its efforts to maintain its regional and global economic standing, create suitable economic environment to attract investment so as to stimulate foreign trade and trade and tourism exchange to deliver economic and social development in the UAE.