The treaty for the elimination of double taxation with respect to taxes on income between Malta and Montenegro was signed on November 4 2008. Following ratification, the treaty entered into force on September 23 2009 and became effective on January 1 2010.
Apart from this Double Taxation Agreement, concluded to further trade and investment opportunities in the two states, a Diplomatic Relations Agreement, an Agreement between the European Community and Montenegro on the Readmission of People Residing without Authorisation and an Investment Guarantee Agreement to promote greater investment flows are also in force. Deputy Prime Minister and Minister of Foreign Affairs, the Hon. Tonio Borg signed two bilateral agreements with the Foreign Minister of Montenegro, Milan Rocen during the first visit of a Maltese Foreign Minister to Montenegro. Dr Tonio Borg emphasised the need to strengthen collaboration between the respective business communities and their representatives in both countries.
In 2010 representatives of the Malta Chamber of Commerce, Malta Enterprise and the GRTU, amongst others, formed part of a delegation led by the President of Malta for a Business Forum in Montenegro. An important aspect of the state visit was the signing of a Memorandum of Understanding between the Malta Chamber of Commerce and the Chamber of the Economy of Montenegro. Through this co-operation agreement, both Chambers agreed to cooperate actively with the principal aim of promoting trade, investment and business opportunities amongst the business communities in the respective countries.
The President of Malta held that Malta and Montenegro had common concerns as small southern Mediterranean countries, putting the two states in an ideal situation to work join forces. As a member of the European Union, Malta has greatly encouraged the start of Montenegro’s accession negotiations with the EU as membership would provide a stimulus towards positive economic reforms and as an opportunity to upgrade and establish a most competitive environment. Trade relations between Malta and Montenegro are presently covered by the preferential Stabilization and Cooperation Agreement which can further improve and reinforce the states’ bilateral commercial interests. The potential of this relationship can only grow in the years to come and intensify with Montenegro's EU membership.
Established in July 2006, the diplomatic relations between the two states have been intensified. In 2010, Malta's non-resident Ambassador to Montenegro, Ambassador Joseph Psaila Savona, was appointed. A number of sectors in which the two states may foster cooperation include tourism, education, banking and other financial services, maritime activities, electronics and information technology, software industries, telecommunications, infrastructural and other construction works, e-business, and issues relating to customs modernisation and product standardisation.
