ISLAMABAD (April 30 2004): Pakistan and Saudi Arabia signed a draft agreement for the Avoidance of Double Taxation here on Thursday.
The agreement has been concluded after detailed negotiations, initiated in Riyadh in 2003.
The Saudi Arabian delegation was led by Fahad Bin Abdul Rahman Al-Rajeh, Director General, International Economic Relation Department of Finance Ministry, whereas Vakil Ahmad Khan, Member Direct Taxes, CBR headed the Pakistan side.
The heads of both the sides exchanged the draft agreement in the concluding ceremony. It is hoped that the draft agreement will be signed and ratified by the respective governments and would be enforced soon.
Both the countries having close brotherly relationship have been working together to co-operate in economic, political and social fields since Pakistan came into being.
Pakistan has significant trade with Saudi Arabia, but there still exists considerable potential for its expansion and reciprocal investments.
The agreement for the Avoidance of Double Taxation will further strengthen trade and economic relations and facilitate business community of both the countries to come closer to boost investment and provide employment opportunities.
It is an important step towards strengthening bilateral economic relations between the two brotherly Muslim countries.
