Representatives of the United Arab Emirates and Venezuela met at the end of March 2016, to discuss ways to strengthen economic and trade ties between the two countries.
During the meeting, Obaid Humaid Al Tayer, UAE Minister of Finance emphasized the UAE’s efforts to strengthen relations with various countries around the world and for the implementation of laws that support trade and investment and stimulate economic diversification.
He noted that UAE is continuing its efforts to provide key benefits for both the public and private sectors, through the execution of agreements for the avoidance of double taxation, joint tax laws, as well as agreements to prevent tax evasion on income tax, which increases the economic growth and investment between the two countries.
UAE and Ecuador in Quito signed an agreement on avoidance of double taxation on income dated September 1, 2012. Both sides stressed the importance of implementing the agreement.
The total foreign trade between the two countries in the first nine months of 2015 amounted to only 40.3 million dollars, according to the UAE Ministry of Finance.