Australian Treasurer, Peter Costello announced on Monday that an agreement designed to prevent double taxation has been signed with Mexico, and is scheduled to come into force in mid-2003.
According to government figures, bilateral trade between Australia and Mexico exceeded A$1 billion last year. However, in a statement released this week, Mr Costello revealed that both parties are keen to strengthen trade and investment ties still further.
The agreement contains provisions for both the avoidance of double taxation, and the prevention of fiscal evasion, which will 'make it tougher for multinational companies to avoid tax', according to the Australian Treasurer.
'I believe the new agreement will foster the development of trade and economic cooperation between our two countries and will add significantly to our bilateral relationship with Mexico,' Mr Costello stated.
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