Malaysia and Venezuela, two oil producing countries, signed an agreement on avoidance of double taxation on Monday, local media reported.
Venezuelan Foreign Minister Nicolas Maduro and Malaysia's Second Finance Minister Nor Mohamed Yakcop signed the agreement in Putrajaya, the administrative center of the Malaysian government, as Venezuelan President Hugo Chavez was paying a state visit to the country.
Chavez arrived in Malaysia on Sunday after his week-long visit to China. This is his second state tour to Malaysia since 1999.
Chavez is expected to meet with Malaysian Prime Minister Abdullah Badawi later Monday. During his four-day visit to Malaysia, which will ends on Thursday, Chavez is also expected to attend a business forum organized by the Venezuelan embassy here.