UAE and Costa Rica Conclude Comprehensive Economic Partnership Agreement
Abu Dhabi: Dr. Thani bin Ahmed Al-Zeyoudi, the UAE Minister of State for Foreign Trade, and his Costa Rican counterpart, Manuel Tovar, have inked a joint statement confirming the successful conclusion of negotiations for a comprehensive economic partnership agreement (CEPA). The UAE-Costa Rica CEPA aims to eliminate or reduce tariffs, break down trade barriers, foster private-sector collaboration, and establish pathways for investment, as outlined in a media statement on Thursday.
The bilateral non-oil trade between the two nations has experienced consistent growth year over year, witnessing a 23% increase in 2022, reaching $60.4 million, more than double the value recorded in 2018.
Al-Zeyoudi stated, “Both nations recognize the immense benefits of open trade and the opportunities for further economic collaboration in key sectors such as tourism, renewable energy, food security, ICT (information and communications technology), and manufacturing. We are both committed to developing resilient, future-proof, and sustainable economies, and this partnership will enable us to support each other’s efforts.”
Costa Rica’s economy has showcased resilience amid global challenges, with a 4.7% growth in the first half of 2023, and services contributing 66.9% to the country’s gross domestic product. Recognized as a regional leader in clean energy, with hydropower as the dominant source, Costa Rica offers significant investment potential.
Tovar expressed, “It fills me with satisfaction and pride to have reached the closure of this negotiation. A CEPA with the UAE marks a milestone for Costa Rica as it is the first time that Costa Rica has signed an agreement with a Middle Eastern and Gulf country. I am certain that the future entry into force of the CEPA will consolidate the relationship between Costa Rica and the UAE, a long-standing partner and friend, as it will expand and diversify opportunities for our exportable supply. It will provide legal certainty for trade and investment activities and promote economic cooperation among our countries.”
The UAE’s CEPA program, launched in September 2021, has successfully concluded agreements with India, Indonesia, Israel, Turkiye, South Korea, Cambodia, Colombia, Georgia, Mauritius, and the Republic of Congo. The first four agreements have already come into effect.
