Cyprus and Ukraine are considering signing an agreement seeking to avoid double taxation, President of the Republic Demetris Christofias has said.

President Christofias, who is paying an official visit to Ukraine, met Monday in Kiev with Ukrainian President Viktor Yanukovych, and they decided that the competent ministers of the two countries should work out a new agreement to avoid double taxation.

The agreement would be signed during a visit of the Ukrainian President to Cyprus, scheduled to take place in autumn, the President said, adding that Viktor Yanukovych has accepted his invitation to pay an official visit to Cyprus.

The two Presidents also decided for the creation of a joint Ministerial Commission, which will review the relations between the two countries.