UAE and Costa Rica Strengthen Bilateral Ties with Comprehensive Economic Partnership Agreement

A New Era of Cooperation, Trade, and Investment

The UAE and Costa Rica have recently signed a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in their bilateral relationship. This agreement aims to enhance trade flows, increase private-sector collaboration, and provide new opportunities for investment, particularly in priority sectors such as logistics, energy, aviation, tourism, and infrastructure development.

Highlighting UAE-Costa Rica CEPA Terms:

The UAE-Costa Rica CEPA is designed to eliminate or lower tariffs, reduce barriers to trade, promote private sector collaboration, and create pathways for investment. This agreement will significantly benefit both countries, as they share a common vision of open trade and economic collaboration in key sectors. The UAE's non-oil trade with Costa Rica has been growing consistently, reaching $60.4 million in 2022, a 23% increase from 2021. Costa Rica, with its investment-friendly economy and strategic location in Latin America, offers immense opportunities for further economic collaboration with the UAE.

Focusing on Bilateral Relations:

The UAE-Costa Rica CEPA is a testament to the strengthening bilateral relations between the two countries. The agreement was signed by the presidents of both nations, highlighting its importance in their strategic partnership. The UAE's proactive foreign trade strategy, aimed at broadening its global trade network and fostering exports, has led to the signing of this agreement with Costa Rica, one of the most promising economies in Latin America.

MBZ's Statement on the CEPA:

Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, emphasized the significance of the agreement, stating that it exemplifies the UAE's commitment to establishing strategic partnerships with nations that prioritize forward-thinking economic development for the betterment of the global population. He also highlighted that the UAE anticipates the CEPA will catalyze trade and investment into priority sectors, propelling both nations towards shared economic success and prosperity for their respective businesses and peoples.

Costa Rican Trade Minister's Statement:

Manuel Tovar, Minister of Foreign Trade of Costa Rica, expressed his delight about the signing of the agreement, stating that it aligns with Costa Rica's strategic goal of diversifying into fresh markets. He also emphasized that the economic partnership will unlock numerous trade and investment opportunities, fostering enhanced prosperity for both nations.The UAE-Costa Rica CEPA represents a significant step forward in the economic relationship between the two nations. By eliminating or lowering tariffs, reducing trade barriers, promoting private sector collaboration, and creating pathways for investment, this agreement will foster economic growth, create jobs, and enhance the overall prosperity of both countries. The UAE's commitment to strategic partnerships and its proactive foreign trade strategy will continue to drive its global economic engagement, opening new opportunities for trade and investment with key partners around the world. (ANI)