More trade and investment is expected between Malta and the US following the approval of a tax treaty by the US Senate.

Finance Minister Tonio Fenech said the agreement was a necessary step in facilitating Maltese trade and investment in the world's largest and most valuable market.

The demand for such a tax treaty was high, with American investors querying its status before it was approved. Its ratification will now be confirmed through the exchange of diplomatic notes, the minister said.

Malta already had a good base of quality and substantial American organisations operating within its shores, Mr Fenech said, proving to potential investors that the island could offer a quality business environment.

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