In a statement, the Secretary of State for Finance, Alex Rosaria explained that:

"The importance of TIEAs is the positive positioning of the Netherlands Antilles. These agreements confirm the Netherlands Antilles’ commitment to high international standards and its stature as a responsible international financial center."

"Since 2000, the Netherlands Antilles has worked with the OECD countries to develop principles to improve transparency and exchange of information in tax matters."

The statement went on to add that:

"Although of vital importance, TIEAs are do not particularly bring about new economic activities for the international financial services sector."

"Furthermore there is a growing number of smaller countries that do question the benefits of TIEAs given the fact that there is no level playing field. It is hoped that this theme will shortly be discussed within the OECD."

"DTAs on the other hand do contribute to economic activity because they focus on stimulating investments."

Currently, the Netherlands Antilles has three signed TIEAs (with the USA, Australia and New Zealand).

Negotiations with nine more countries, namely: Sweden, Iceland, Denmark, Greenland, Finland, the Faroe Islands, Spain, Canada and Mexico, are expected to be concluded and possibly signed this year.

Rosaria went on to stress again that the Netherlands Antilles must concentrate more on the negotiating and entering into DTAs, concluding that:

“The sector also agrees with me that the ‘beef’ is to be had in DTA’s. I expect that we can this year negotiate DTA’s with Mexico, Spain, Surinam, the United Arabic Emirates and Colombia."