(With photos)

BERLIN, Nov 20 (KUNA) -- With the signing of the Kuwaiti-German economic and commercial agreement during the first meeting for the German-Kuwaiti economic and commercial commission, relations between both states would witness more development in the future, stressed officials here on Thursday.

Bernd Pfaffenbach, State Secretary at the German Federal Ministry of Economics, told KUNA during an interview that the agreement would surely develop bilateral relations which witnessed a great boost recently, expressing his satisfaction on the formation of the Kuwaiti-German economic and commercial commission.

Working together to develop the economy of both states would reflect positively on both countries, stated Pfaffenbach who hailed the recent Kuwaiti amendments on tax laws would surely attract foreign investors.

Pfaffenbach commented on the balance of trade between both Gemrany and Kuwait, revealing that Kuwait took huge steps to increase its exports to Germany.

On finding a free trade zone between the GCC and EU, the German official said this ambition could be achieved through more dialogue amongst concerned parties, revealing that such sought-after cooperation might be achieved during the French Presidency of the EU within late 2008.

The current global financial crisis would not affect Kuwaiti-German commercial relations, stated Pfaffenbach, adding that the world should work on infusing trust in markets globally.

Meanwhile, Kuwaiti Minister of Commerce and Industry and Minister of State for National Assembly Affairs Ahmad Yaqoub Baqer Al-Abdullah expressed joy at the signing of the economic agreement with Germany, stressing that public and private sector officials from both states were eager to develop relations.

The German side is very eager to boost relations with Kuwait, stated Baqer, revealing that efforts to bring the agreement to the light dated back to 2005.

He indicated that economic and commercial regulations were explained to the German side to showcase Kuwait's opportunities for cooperation. The German side did the same in promoting Germany's investments.

Kuwait Ambassador to Germany Abdulhamid Al-Awadhi asserted on Thursday the importance of the agreement for both states, saying that officials on both sides were enthusiastic on bolstering bilateral relations.

The second meeting for the German-Kuwaiti economic and commercial commission will be held in 2010.