ACTUA and Portuguese agency for Foreign Trade intensify contacts and close an economic mission, following the entry into force of the DTA

The director of ACTUA, the Andorran agency for economic development and promotion, Imma Jiménez, the Ambassador of Andorra in Portugal, Jaume Serra, the administrator of the Agency for Investment and Foreign Trade of Portugal (AICEP), António Silva, and Deputy director of External Markets business area of ​​AICEP, Francisca Lucena, met on Tuesday, May 16th, in Lisbon. During this meeting, held at the Portuguese agency’s office, they made progress on the further upcoming economic missions, and discussed issues of bilateral interest. The two parties began work on the first business meeting to be held next October in Lisbon.

Jimenez stressed that “this first meeting with AICEP coincides with the recent entry into force of the DTA agreement with Portugal, so we noticed a growing interest in our country.” As for the future economic mission, the director of ACTUA has predicted it “will serve to establish business contacts between Andorran and Portuguese companies, hence improving the internationalization of their business.”
Meanwhile, Silva recalled “the important Portuguese community existing in Andorra” and noted that “more and more Portuguese companies show interest for the Andorran market. This meeting has opened doors to an intensification of relations between the two countries and I hope there will be a significant movement of companies. “

After the mission of Portugal, Andorra should organize another meeting in the coming months. Contacts have intensified following the entry into force of the agreement between the two countries to avoid double taxation (DTA), on April 23rd. The Andorran delegation could also present on Tuesday to the members of the AICEP, new business opportunities after the recent economic opening in the Principality.
In May 2014, a workshop with AICEP was made under the theme of “Economic opportunities Andorra-Portugal” in Lisbon, with more than 50 meetings between business representatives of both countries.

The agreements to avoid double taxation

The DTA with Portugal to avoid double taxation and prevent tax evasion and tax fraud is the fifth agreement into force. It was signed on July 27th, 2015, between the Andorran Minister of Foreign Affairs, Gilbert Saboya, and his Portuguese counterpart Rui Machete. The Consell General then approved the Treaty’s ratification on November 30th, 2016. The Portuguese Parliamentary Assembly proceeded to do so on December 22nd, 2016. The Portuguese President’s ratification decree was published in the Republic’s Official newspaper. The ratification was made public in Andorra on December 22nd, 2016, in the BOPA (Official newspaper).
It was not until the 23rd of April when it entered force definitively.

Aside with Portugal, the Principality has agreements in force with Spain, France, Luxembourg and Liechtenstein, and is in negotiations with Latvia and the United Arab Emirates. DTAs are key to promote the Andorran economy’s diversification, to attract foreign investment and to internationalize Andorran companies, while representing a tax reform guarantee.