The governments of Turkey and Greece signed an historic economic agreement this week that will seek to eliminate double taxation and boost trade between the two nations.
The accord signed on Tuesday by Turkish Finance Minister Kemal Unakitan and Greek opposite number Nikos Christodoulakis will eliminate double taxation on the profits of firms operating in either country, and extends to many business sectors including agriculture, energy, industry, trade, transport and tourism.
Given the historically strained relations between the two nations, the Greek Foreign Minister noted that Greek/Turkish bilateral trade was “far below expectations and their true potential”. This agreement is designed to help remedy this situation.
According to Turkish State Minister Kursad Tuzman, trade between Greece and Turkey stood at $700 to $800 million in 2002 and is expected to reach $1 billion in 2003.
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