Hong Kong and Germany today signed an agreement exempting shipowners from paying double tax.

Secretary for Economic Development & Labour Stephen Ip signed the agreement with German Consul-General Heinrich Wilhelm Beuth.

"The agreement is beneficial as it exempts Hong Kong shipowners from paying tax levied on cargo loaded in Germany, and vice versa. It also strengthens Hong Kong's status as an international shipping centre," Mr Ip said.

Hong Kong already has similar arrangements with the United States, the Mainland, the Netherlands, the United Kingdom and New Zealand.

Mr Ip said more agreements were under discussion with Greece, Singapore, India and Norway.