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Luxembourg, Russia Strengthen Economic Ties

by Ulrika Lomas,, Brussels

05 October 2012

During a recent working visit to Russia, Luxembourg’s Prime Minister Jean-Claude Juncker and his Russian counterpart Dmitri Medvedev welcomed the conclusion of the bilateral double taxation agreement (DTA) between Luxembourg and the Russian Federation and underlined the need to further strengthen economic ties between the two countries.

Luxembourg and Russia initiated negotiations on a double tax accord in Sochi back in August 2010. Luxembourg’s Finance Minister Luc Frieden has now signed the DTA and the Russian Duma is expected to ratify the treaty in the coming months.

During the course of the prime ministerial talks on bilateral economic relations, Russian Prime Minister Medvedev displayed great interest in Luxembourg's economic know-how, particularly in the area of eco-technologies and information and communication technology, calling for a partnership between Luxembourg and Russia in these specific areas.

As part of his visit to Russia, Juncker also held talks with Oleg Betin, governor of the region of Tambov. Within the framework of the discussions, a cooperation agreement was signed between the two chambers of commerce, aimed at developing and diversifying economic cooperation and trade.

Juncker also met with Tatarstan’s President Rustam Minnikhanov, with the meeting focussing on plans to strengthen bilateral economic relations. Juncker emphasized the importance of cementing a strategic economic partnership between Luxembourg and Tatarstan. Consequently, Luxembourg’s Economy Minister Etienne Schneider is to lead a delegation to Tatarstan at the beginning of next year.

A Memorandum of Understanding (MoU) was signed between both chambers of commerce.

TAGS: Russia | tax | double tax agreement (DTA) | commerce | international financial centres (IFC) | Luxembourg | offshore | agreements | memorandum of understanding (MOU) | trade

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