Saudi Arabia and Lebanon Tuesday agreed to finalize two agreements designed to prevent double taxation and encourage investment between the two countries, a move that is expected to give a major boost to trade.
"I discussed with his highness (Finance Minister Ali Hasan Khalil) attempts to finalize an agreement [on double taxation]. Hopefully, this will end within the upcoming [few] months and we [can] sign the agreement," Mohammed Al-Jadaan, Saudi Arabia's minister of finance, said after the meeting with his visiting Lebanese counterpart.
He said there were no hurdles in the way of the agreement that would expand joint economic partnerships between the two countries.
Khalil described the meeting as fruitful during a news conference.
"His highness [Al-Jadaan] expressed readiness to strengthen the ties [between the two countries] in a manner that reflects the historic and brotherly ties between Saudi Arabia and Lebanon," Khalil said.
He said that meeting was an "important chance to exchange matters of concern, particularly regarding the double taxation."
Al-Jadaan also said that talks focused on means to advance ties between the two countries.
"In general, both governments will provide the private sector with [more] capabilities in terms of investment," he added.
Khalil was in Saudi Arabia Monday as part of a delegation chaired by President Michel Aoun.
The visit mainly aims to restore ties between Riyadh and Beirut.
