Aruba and Airbnb have signed what the two sides are calling an “historic” tourism agreement.

The deal will “create a framework to allow the Aruba Tourism Authority and Airbnb to address the issue of taxes, host accommodation standards and regulations and ensure that it is in line with Aruba’s tourism policy,” according to a statement.

“As the No. 2 most tourism-reliant nation in the world, Aruba’s continued growth relies on having a healthy balance of on-island accommodations, offering a quality of experience to our visitors, ensuring that we meet consumer expectations and demands, and making sure the benefits of the sharing economy are beneficial for the industry, community and island as a whole,” said Ronella Tjin Asjoe-Croes, CEO of the Aruba Tourism Authority. “Aruba embraces the shared economy and is eager to formalize the first partnership in our region with Airbnb. Together as industry leaders, we will add value to authentic travel experiences while ensuring this on-island development is managed successfully.”

The deal is the first of its kind between a Caribbean destination and Airbnb.

In the past year, Airbnb hosts in Aruba received 13,000 guests from around the world, according to Airbnb.

Hosts in Aruba earn around $4,400 per year, the company said.

“We are excited to announce the first ever partnership between Airbnb and a Caribbean nation. Building on Aruba’s reputation as a world class tourist destination, we will work closely with the Aruba Tourism Authority to broaden the island’s appeal to the millions of Airbnb users who are interested in unique travel experiences,” said Shawn Sullivan, Airbnb’s Public Policy lead for Central America and the Caribbean. “This collaboration will give those visiting Aruba more traveling options while promoting sustainable tourism as part of the local economy.”

There are currently 1,360 Airbnb listings on Aruba.