According to the latest update of the list of signatories, Algeria, Kenya, Oman, Swaziland, and Thailand have expressed their intent to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). Each country must sign the MLI and deposit their respective ratification instruments in order for the MLI to enter into force. The MLI will then generally apply for the respective notified covered agreements (tax treaties) of each country, provided that a particular agreement has also been notified as covered by the respective counterparty, and such counterparty has also deposited its MLI ratification instrument.