Zambia and Malawi on Thursday finalized negotiations on a double taxation avoidance agreement meant to enhance trade between the two countries.

The two countries finalized the talks during the 15th Joint Permanent Commission meeting held in Lusaka, the Zambian capital.

Zambia’s Minister of Foreign Affairs Harry Kalaba said after the meeting that the agreement will ensure that traders conducting business between the two countries are not taxed twice on the same income, a move that will result in increased trade and a reduction in the cost of doing business.

The Zambian minister said there was need for the two countries to work together in efforts aimed at growing trade ties.

Zambia and Malawi were poised for enhanced trade especially that the two countries had already established cooperation in various projects which had been implemented in the past, he added.

Francis Kasaila, Malawi’s Foreign Affairs Minister welcomed the finalization of the agreement, saying it will enhance trade ties between the two countries.

The meeting was held to advance common interests and aspirations for the benefit of the two neighboring countries.

Source: Xinhua