Americas

Home page

Americas

Brazil, Turkey sign taxation agreement

16 December 2010 22:25 (UTC +04:00)

Baku-APA. Brazil’s Foreign Minister Celso Amorim and Turkey’s Minister for EU Affairs Egeman Bagis signed on Thursday here an agreement to avoid double taxation in the bilateral trade, APA reports quoting Xinhua News Agency.

Bagis is in Foz do Iguacu to attend the 40th Mercosur Summit, which started on Thursday and lasts until Friday. He participated in the meeting of the Common Market Council as a guest.

The agreement favors the increase in the investments of Turkish companies in Brazil and vice versa. The two countries also agreed to exchange relevant fiscal information in order to facilitate the fulfillment of the agreement.

The two ministers also discussed the investments in their countries and the bilateral trade.

The trade between Brazil and Turkey has increased in the past few years, reaching 1.5 billion U.S. dollars in the first 11 months of this year. Brazil registered a trade surplus of 334 million U.S. dollars in the period.

The Turkish minister is also expected to attend on Friday the plenary meeting of the summit and the ceremony in which Brazilian President Luiz Inacio Lula da Silva will hand over the pro-tempore presidency of the bloc to Paraguayan President Fernando Lugo.