Pact to avoid double taxation

Abu Dhabi: Abul Maal Abdul Muhith, Bangladesh's Finance Minister, will discuss economic issues with Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, on Sunday as part of the Joint Economic Committee (JEC) meeting being held here.

The meeting aims to strengthening economic cooperation, including facilitating more manpower exports to the UAE.

It has also drafted an agreement to avoid double-taxation that will help accelerate trade between the two countries that reached $600 million (Dh2.2 billion) last year.

Bangladesh imports $550 million worth of products, mostly oil, from the UAE.

The JEC has been activated after 19 years of inaction.

The Bangladesh population in the UAE is estimated at more than 800,000 and they collectively remitted $1.3 billion (Dh4.7 billion) last year.

"Both Bangladesh and the UAE are emerging economies with high growth potential," he said.