The South Korean authorities announced on Sunday that a new treaty for the avoidance of double taxation has been signed with the Republic of Belarus, formerly part of the Soviet Union.
In addition to assisting in the prevention of double taxation and income tax evasion between the two countries, which formed diplomatic relations in 1992, it is hoped that the agreement will facilitate the bilateral transfer of human resources, capital, and technology, and will stimulate foreign investment in both regions.
The treaty was signed at the Korean Finance Ministry by Foreign Affairs Trade Minister Choi Sung-hong, and the Belarusian Ambassador to Seoul, Aleksandr Semeshko.
According to government estimates, trade volume between the two countries was just $20 million in 2001.
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