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TEHRAN – Iran and the United Arab Emirates (UAE) have agreed to sign a new Memorandum of Understanding (MOU) on avoiding double taxation and promoting mutual investment, Fars news agency reported on Friday.
The decision was taken during a meeting in Jeddah between Iran’s Minister of Finance and Economic Affairs Ehsan Khandouzi and UAE Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini on the sidelines of the annual meeting of the Islamic Development Bank’s (IsDB) Executive Board.
During the meeting, officials emphasized the strengthening of cooperation in the field of trade and foreign investment; in this regard, it was decided to take appropriate measures as soon as possible in order to sign agreements among countries to promote foreign investment and avoid double taxation.
Referring to the positive impact of the revival of relations between the Islamic Republic of Iran and Saudi Arabia in the region, Hosseini said that trade between the two countries has increased by about 40 times.
“The trade volume in various fields shows that relations and interactions between Iran and the UAE are growing naturally and positively. The role of the two governments is to encourage trade and facilitate it through agreements to avoid double taxation, and it is necessary to revise the relationship between the two countries. existing agreements,” he said.
Khandouzi referred to previous unfinished talks between the two sides on drafting a foreign investment agreement, saying: “The Islamic Republic of Iran is ready to cooperate on mutually profitable projects, as well as investment cooperation in other countries.”
At the conclusion of this meeting, Khandouzi invited his Emirati counterpart to go to Tehran as soon as possible.
EF/MA
Photo: Iranian Economy Minister Ehsan Khandouzi (right) and his UAE counterpart Mohamed bin Hadi Al Hussaini sign a preliminary agreement in Jeddah on Friday
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