Fenech calls for better trade links with the US

Parliamentary Secretary Tonio Fenech has called for a further strengthening of the good economic relations that exist between Malta and the United States.

Welcoming US Ambassador Molly Bordonaro to the Malta Stock Exchange, Mr Fenech said that up to the third quarter of this year Malta had a trade surplus of over US $83m with the United States.

The parliamentary secretary underscored the need for an early conclusion to visa waiver talks, pointing out that tourism from the US grew by 26 percent last year. He said that two percent of Malta's workers worked for US companies in Malta, excluding franchises and other structures or business models that had a US relationship.

"Despite these good relations and the benefits we are deriving from them, there is still more that can be done. There is definitely scope for more American tourists to visit our islands and to make travel between our two countries easier. Besides the requirement for better air links, it is just as important that the visa requirement for Maltese travelling to the US be waived. Hopefully, our accession into the Schengen system of the European Union next month will contribute to expediting this." Mr Fenech said. He also welcomed the recent agreement between the University of Malta and James Madison University of Virginia to offer a dual post-graduate degree programme, and looked forward to similar agreements with universities in California and Texas.

"A double taxation agreement between our two countries is also called for. Malta's tax imputation system has been cleared by the European Union and is definitely beneficial for companies doing business from Malta. This advantage can also be availed of by US companies with a double taxation agreement," he said.