An agreement of double taxation avoidance on income has been signed between United Arab Emirates and Republic of Ireland.

Director General of the Ministry of Finance Younis Haji Al Khoori signed the agreement on behalf of the UAE, while the Ambassador of Republic of Ireland signed on behalf of his country.

Commenting on the signing of agreement, Al Khoori said "This agreement is one of the most important pillars that contribute to developing and strengthening cooperation and partnership between the two countries including all areas of common interest. The agreement seeks to create the suitable investment environment attracting governmental investment and sovereign funds, in addition to encouraging private sector investment in both countries".

He added that the agreement would also increase the volume of trade exchange and tourism; something that leads to develop the air transportation industry by removing all financial, economic and tax obstacles facing this industry’s operations, indicating that this will enhance sustainable development and create more employment opportunities in both countries.

Al Khoori reiterated that signing this agreement comes after holding G20 meeting in Toronto on Sunday, 27 June, 2010. The group urged not to impose new barriers against investment and trade in goods, in addition to minimising all impacts on trade and investment caused by internal policy measures including fiscal policy. This will lead to enhancing and protecting economic growth.

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