Canberra - Slovenia and Australia will start negotiations to conclude an agreement on avoidance of double taxation next year, the Slovenian Embassy in Canberra has announced.

Announcing the negotiations, the embassy said on Wednesday that such an agreement would have a positive influence on the volume of economic cooperation between the countries, especially in investments.

Slovenia presented its version of the agreement to Australia in June 2018, and it is thanks to the effort by the embassy, the Slovenian Foreign Ministry and otherbodies that the negotiations will now finally start, the release adds.

Australian Finance Minister Josh Frydenberg said last week that Australia intended to negotiate ten new or updated tax agreements by 2023, with which it would upgrade the current network of 45 bilateral agreements in this field.

In addition to Slovenia, negotiations on double taxation avoidance agreements are also to take place with India, Luxembourg, Iceland, Greece and Portugal.