Abu Dhabi, March 28 (IANS/WAM): The United Arab Emirates and Finland have signed an agreement on the exchange of information for tax purposes between the two countries.

The agreement was signed by Younis Haji Al Khoori, undersecretary of the finance ministry, and Riitta Swan, Ambassador of Finland to the UAE.

Al Khoori stressed the importance of signing similar agreements as they play a significant role in strengthening the financial and economic cooperation between countries, ensuring justice for individual or company taxpayers and protecting the national economy.

"Signing this agreement with Finland is a continuation to the series of international agreements previously signed between both countries," Al Khoori said.

UAE and Finland are associated by a joint committee based on economic, industrial and technical cooperation between the two countries. The two parties signed agreements for the avoidance of double taxation on income, and for protecting and encouraging investments in 1996. 

The foreign trade between both countries amounted to 342 million UAE dirhams ($98 million) in 2015.