The UAE has signed an agreement on the avoidance of double taxation with Argentina with the aim of boosting expanding joint economic partnerships.

The agreement was signed 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, said a Wam news agency report.

Later, Vice President, Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum received Michetti at Zabeel Palace.

Sheikh Mohammed hoped the visit would yield positive results that would improve bilateral relations to serve the interests of both countries.

He praised the progress by Argentina which he had visited last year.

He also hailed the Avoidance of Double Taxation Agreement signed today as a step in the right direction in expanding bilateral co-operation and communication in areas of economy, tourism and investment.

Al Tayer told Wam that the agreement would contribute directly to increasing the two-way trade, 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, he added.

So far, the UAE has signed 103 agreements on avoidance of double taxation on income.