Minister of international Business and International Transport, George Hutson (right) , and Spain’s Ambassador to Barbados Joaquin de Aristegui?? sign the Double Taxation Agreement between their respective countries. Assisting is?? Senior Foreign Service Offiicer , Natalie Cox.????

Barbados yesterday signed a Double Taxation Agreement (DTA) with the Republic of Spain, which is expected to deepen trade ties between the two countries.

According to Minister of International Business and International Transport, George Hutson, the Convention is expected to enhance?? the investment framework?? of the two nations, as well as facilitate mutual trade and investment flows.

"Not only will this Convention encourage direct investment between our countries, but we envision that Barbados could play an active role in enhancing the competitiveness of Spanish enterprises in their global expansion efforts, particularly, in the CARICOM and Latin American markets," Minister Hutson disclosed, minutes before signing the accord.

He also expressed hope for joint venture agreements to enhance Barbados and Spain’s product offerings in areas of mutual importance, such as tourism, financial services, pharmaceuticals, telecommunications, cultural industries and renewable energy, among others.

Expressing some satisfaction with the fact that the accord could be finalised in less than nine months since he took office, Spain’s Ambassador to Barbados, Joaquin de Aristegui, said that the Treaty held much significance, providing a safe, legal and financial framework for bilateral trade.

Noting that Spain was "seeking to deepen its presence in the Caribbean," the Trinidad-based envoy, said one of his Government’s "top priorities would be cooperation in trade, tourism, financial services, and other sectors including agro-industries and textiles.

The signing ceremony took place in the conference room of the Grantley Adams International Airport.

Barbados currently has?? some 18 tax treaties in force, with a number of others signed and awaiting ratification, or?? initialled and awaiting signature.??cgaskin@barbados.gov.bb

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