ABU DHABI, 16th January, 2017 (WAM) — The United Arab Emirates and the Republic of Paraguay today signed two cooperation agreements on the avoidance of double taxation on income and the promotion and protection of investment, as well as a Memorandum of Understanding for political consultations.

The agreements and the MoU were signed on behalf of the UAE by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and by Eladio Loizaga Caballero, Minister of Foreign Affairs of the Republic of Paraguay.

The two sides stressed the importance of the signing of the agreements and the MoU, highlighting their role in the promotion of bilateral relations between the two countries.

H.H. Sheikh Abdullah bin Zayed also stressed the UAE’s keenness to enhance the prospects of cooperation, support and boosting relations in various areas with Paraguay.

The Foreign Minister of Paraguay expressed his hopes to strengthen bilateral relations between his country and the UAE, commending the march of development and growth witnessed by the UAE in all fields.

He also noted that the UAE is the first country to sign an avoidance of double taxation agreement and protection of investment with the Republic of Paraguay, for 16 years.

The two sides further welcomed initiating the signing of an agreement on mutual exemption of entry visa requirements to the UAE and Paraguay.

The parties pointed out that the visa exemption step highlights the growing bilateral relations between the UAE and Paraguay in order to enhance future mutual cooperation between the two countries in various fields.