Foreign Minister Michael Frendo and Mohammed Khirbash, Minister of State for Finance and Industry of United Arab Emirates, yesterday signed an agreement for the avoidance of double taxation. The signing ceremony took place at the Finance and Industry Ministry in Abu Dhabi after bilateral talks.
“We are very happy to sign this agreement with the Emirates,” commented Minister Frendo after the signing ceremony, “because this strengthens the framework for increased trade, investment and business opportunities between the two countries.”
Malta has a network of around 45 similar agreements with other countries on the avoidance of double taxation and prevention of fiscal evasion. Currently, another 15 agreements are being negotiated.
Earlier, Minister Frendo met his counterpart, H.E. Mohammed Hussein al Shaari, Minister of State of Foreign Affairs of the United Arab Emirates, for bilateral talks
Commenting after the meeting, Minister Frendo said: “The Maltese people have a high level of respect for the Emirates and for their achievements” adding that “in the context of the strong relations and increasing cooperation between the two countries, Malta and the UAE will be looking at ways to facilitate the movement of people between the two countries with a view of increased tourism and business activities”.
During the meeting, besides discussing ways in which to improve visa issuance for the citizens of both countries, the two foreign ministers also spoke about the ongoing discussions between the European Union and the Gulf Countries Council (GCC) for the creation of an EU-GCC Free Trade Zone. They both commented that there needs to be closure on this issue which has been pending for many years.
Minister Frendo was on a one-day visit to the United Arab Emirates. He will proceed to Australia where he will be present at the opening of the Commonwealth Games in Melbourne in representation of Malta which currently holds the position of chair-in-office of the Commonwealth. Dr Frendo will visit Maltese-Australian communities and meet members of the Australian business community in a number of cities in Australia.
Throughout the bilateral talks in the United Arab Emirates, Minister Frendo was accompanied by Malta’s Consul General in Dubai Mr Anthony Tabone.