Iranian and Kyrgyz officials on Saturday signed an agreement on avoiding double taxation on income taxes and capitals.

The agreement was signed in Kyrgyzstan by Iranian Ambassador to this Central Asian republic Qolam-Reza Baqeri Moqaddam and Kyrgyz Finance Minister Akylbek Japarov. The documents containing the terms of the agreement had already been prepared and agreed upon back in 2002 in Bishkek, however.

The agreement would be in force as of today and the companies from the two countries now doing business in Iran or Kyrgyzstan are from now on subject to the provisions of the agreement, the Persian edition of IRNA reported on Saturday.

During the signing ceremony, the Iranian ambassador expressed hope that the agreement would usher in a new era of bilateral cooperation in particular, paving ways for investments between the two countries.

Also, the Kyrgyz minister for his part referred to the significant economic potentials the two countries enjoyed and called for the expansion of further development of relations. He also stressed the utilization of the capacities to boost economic, industrial and trade relations between the two neighboring countries.