(MENAFN) The UAE has agreed with Mexico on double taxation avoidance on income as a step to strengthen mutual economic and trade ties between the two countries, official news agency WAM reported.
UAE's Ministry of Finance said that the accord also aims to boost investments between the two countries, where Mexico is currently the head of the G-20 countries.
The ministry's statement also said that the agreement comprises several financial and tax benefits for investments of the public and private sectors in the UAE, which allows the establishment of a strategic co-operation and integration with Mexico and other countries of Latin America.
UAE undersecretary of Ministry of Finance Younis Haji Al Khouri has affirmed the importance of the agreement as one of the main legal pillars and mechanisms of increasing the flow of investments, developing trade and tourist exchanges, and promoting the air transport industry in both countries.
UAE has signed 67 similar agreements up-to-date, of which 27 were European countries, 10 of the Commonwealth of Independent States (CIS), 9 Arab countries and 13 Asian countries in addition to 5 African countries besides New Zealand, Canada and Mexico, Al Khouri said.
These agreements included the leading trading partners of the UAE in different continents, he added.