ISLAMABAD, May 20: Pakistan and Mexico on Friday initialled a draft convention for avoidance of double taxation between the two countries.

Member Inland Revenue Khawar Khurshid Butt and Armando Lara Yaffar, Director General, Ministry of Finance, Mexico inked the treaty.

An official statement said the consensus was reached during the second round of negotiations, which were held in the federal capital for five consecutive days.

At the end of the detailed deliberations ending on May 20, the two sides reached a consensus on all issues and the draft convention was initialled by the respective heads of the two delegations.

The two sides expressed the hope that besides providing safeguards against double taxation on the income of the residents of the two states, the agreement will also boost economic cooperation, trade and investment.