The Cypriot Council of Ministers has approved plans for the setting up of new trade centres in Poland and Lebanon later in the year, which will be staffed by a trade attaché and local officers.
According to the Cypriot government, the trade centre in Lebanon, traditionally one of the most significant markets for Cyprus in the Arab world, will also cover the markets in Syria and Jordan.
Meanwhile Poland, with a population of approximately 40 million, constitutes the biggest market of Central and Eastern Europe.
Following the recent accession of both Poland and Cyprus to the European Union, bilateral trade has been liberalised and as a result, Cypriot products enter Poland without any charges. The double tax treaty between Cyprus and Poland has favourable rates of withholding tax for dividends, royalties and interest payments, as is the case for most ex-Soviet bloc countries.
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