The United Arab Emirates and the Republic of Costa Rica have successfully concluded talks on a comprehensive economic partnership agreement and have agreed on the final terms of the agreement in preparation for its official signing at a later time.
Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, and Mr. Manuel Tovar, Minister of Foreign Trade in Costa Rica, signed a joint statement declaring the successful conclusion of the negotiations and finalizing the details of the agreement.
After its official signing and subsequent implementation, the Comprehensive Economic Partnership Agreement between the UAE and Costa Rica will work towards eliminating or reducing import duties, reducing barriers to trade, enhancing cooperation with the private sector, and creating shared investment pathways.
This agreement crowns the development witnessed in the trade relations between the two countries in recent years, as non-oil trade between the UAE and Costa Rica has seen continuous growth on an annual basis. It increased by 23% in 2022, reaching $60.4 million, which is more than double the value recorded in 2018.
Despite global challenges, the Costa Rican economy has demonstrated significant resilience, achieving a growth rate of 4.7% in the first half of 2023. Services contribute 66.9% to the country’s gross domestic product, making it a regional leader in the clean energy sector. Hydroelectric power is the primary source of energy in the country, providing ample investment opportunities.
His Excellency Thani Al Zeyoudi said: The UAE and Costa Rica together recognize the enormous benefits of open trade, and the available opportunities for further economic cooperation in key sectors such as tourism, renewable energy, food security, information and communication technology, and manufacturing. He emphasized that Costa Rica is one of the most promising and investment-friendly economies in Latin America, and we look forward to developing our positive relationship to accelerate trade flows and establish platforms for investment and joint projects.
He emphasized that both countries are committed to developing a flexible, sustainable, and future-oriented economy, and this partnership will enable them to support their efforts to achieve sustainable growth.
His Excellency Manuel Tuvar, Minister of Foreign Trade in Costa Rica, expressed his joy at the successful completion of the Comprehensive Economic Partnership negotiations between the UAE and Costa Rica. He stated that this agreement is a significant milestone for Costa Rica, as it is the first time Costa Rica has signed an agreement with a country from the Middle East and the Arab Gulf region.
His Excellency confirmed that the Comprehensive Economic Partnership Agreement between the UAE and Costa Rica will contribute, upon its implementation, to enhancing the relations between the two friendly countries, which have a long-term partnership. It will expand areas of cooperation and open up wider prospects for exports, benefiting both consumers and producers. Furthermore, it will provide a platform for establishing investment and trade partnerships between the business communities, stimulating economic growth.
It should be noted that the UAE launched the Comprehensive Economic Partnership Program in September 2021 and successfully concluded agreements with India, Indonesia, Israel, Turkey, South Korea, Cambodia, Georgia, Colombia, Mauritius, and Congo-Brazzaville. The first four agreements have already come into effect, and the others will follow gradually. The UAE continues to negotiate further agreements with strategically important regional and global countries on the world trade map.
