The British Virgin Islands has signed a "Strategic Cooperation Agreement" with the Administrative Commission of the Tianjin Binhai New Area CBD, located in China's Tianjin Free Trade Zone.
Under the terms of the agreement, the British Virgin Islands and the Tianjin Binhai New Area pledge to "develop long-term cooperation with mutual understanding, respect of, and support for each other's development strategies, systems of management, and operation as long-term strategic partners."
Tianjin Binhai New Area is one of China's special economic zones, set up in 2010 and located on the coast of the Bohai Sea, east of Tianjin's main urban area, where experimental reforms are taking place.
At the signing ceremony, BVI Premier and Minister of Finance Orlando Smith said: "We are both port cities so to speak – notwithstanding that the BVI is entirely surrounded by water – we are both keen to promote our financial services, our tourism, technology, a special economic zone, and, perhaps most significantly, we are jointly committed to supporting China's Go Global Strategy. Today I am pleased to confirm that our joint aim is to strengthen Chinese enterprises investment in the BVI, and to promote economic and trade cooperation between China and the BVI."
By Courtesy of Lowtax.net