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Cyprus, UAE Call For Rapid Conclusion Of DTA,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, June 30, 2009
The Cypriot Minister of Foreign Affairs Markos Kyprianou had a meeting on June
23 with the Foreign Minister of the United Arabic Emirates, Sheikh Abdullah Bin
Zayed Al Nayan to discuss increased cooperation between the two countries, especially
within trade. Both diplomats underlined that a proposed double tax convention
between the two countries should be signed in earnest to increase trade and investment
flows.
In statements after the meeting, Kyprianou said that he was happy and proud
to welcome his counterpart of the United Arabic Emirates with whom, as he said,
he had a very constructive and friendly meeting. He added that the two countries
have a tradition of longstanding excellent relations of cooperation on the political
level as well as on the level of the people. He noted the important role that
the United Arab Emirates played for Cyprus, when after the 1974 Turkish invasion
and the subsequent collapse of the Cypriot economy, many Cypriots entrepreneurs
operated their businesses in the UAE and with their income contributed to the
rebuilding of the economy of Cyprus. “Business and political relations
have developed ever since,” Kyprianou said, noting at the same time that
the Republic of Cyprus recently opened an embassy in Abu Dhabi. He also expressed
gratitude to Sheikh Al Nayan for the quick response to the opening of the embassy,
“which is a demonstration of the excellent level of the relations between
the two countries”.
Kyprianou said that during the meeting they discussed various issues of common
interest, bilateral relations and the relations of the EU and the Gulf countries.
He added that it was agreed that both countries would work for the further improvement
and expansion of relations between the between the GCC (Gulf Cooperation Council)
and the European Union (EU) countries.
Concluding, Kyprianou said that they also discussed regional issues and that
he informed his counterpart on the recent developments in the ongoing negotiations
for the solution of Cyprus problem.
For his part, the Foreign Minister of the United Arab Emirates said he was
pleased to be in Cyprus and expressed the belief that this visit would further
enhance relations between the two countries. He also expressed the hope that
the agreements between Cyprus and UAE regarding the avoidance of double taxation
and protection of investments will be soon finalized and noted that the conclusion
of such agreements will encourage more investments in Cyprus.
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