Bermuda has concluded negotiations on a tax information exchange agreement (TIEA) with the People's Republic of China, Finance Minister Paula Cox announced yesterday.

Minister Cox said at a press conference that the proposed TIEA with China was another example of the Island moving swiftly to expand its role in the global financial network, and to strengthen and deepen its relationships with other financial centres, while there were currently 680 entities based in Bermuda with a Chinese interest.

She said that Bermuda already worked closely with China as a fellow vice-chair of the Organisation for Economic Co-operation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes and she looked forward to welcoming delegates from China to the 2011 Global Forum next year.

"This agreement is a significant step forward in Bermuda and the People's Republic of China's mutual commitment to work to develop a multi-faceted relationship that will benefit every Ministry of our respective governments and thereby the people of Bermuda as well," she said.

"In the negotiation of this TIEA a framework was established to work towards deepening economic and commercial relations between our two jurisdictions and in facilitating our outreach to other markets within Asia.

"China is a leading member of the G20 and an important player at the United Nations.

"The TIEA's direct benefit will be to serve to place Bermuda in a better position in the event China implements punitive laws in support of the G20 initiative against uncooperative jurisdictions in the tax co-operation area."

Ms Cox said that the Ministry's counterparts in China had indicated that their Minister was keen to visit Bermuda to sign the TIEA.

Bermuda has signed 20 TIEAs to date.