The agreement was signed by Acting Minister of Finance Dr. Abdulaziz Al-Khuweiter and Chairman of Uzbekistan’s State Tax Committee Botir Parpiev, the agency said.

Dr. Al-Khuweiter said that the agreement is a stable legal framework, defining tax relations between the two countries, as it consequently ensure that no double taxation on the income from the activity of the investor. "Moreover, the agreement reduces the tax burden on investors to achieve transparency and stability in the tax treatment".

"The volume of trade exchange between the two countries has not reached the desired level, especially in the light of great potentials of the two countries’ economies as well as bright scopes of available trade and investment opportunities," he said.

He called on businessmen in both countries to take advantage of this agreement, which provides advantages and tax cuts for the establishment of more joint investment projects.