The UAE and Costa Rica have concluded the negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. Once implemented, the UAE-Costa Rica CEPA will eliminate or lower tariffs, reduce trade barriers, promote private-sector collaboration and create pathways for investment.
“The UAE and Costa Rica are both nations that see the immense benefits of open trade and the opportunities for further economic collaboration in key sectors such as tourism, renewable energy, food security, ICT and manufacturing,” said Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade.
Manuel Tovar, Minister of Foreign Trade of Costa Rica, stated, “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.”
Bilateral non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million– which is more than double the value recorded in 2018. Costa Rica’s economy has demonstrated resilience amid global challenges, growing by 4.7% in the first half of 2023, with services contributing 66.9% to the country’s GDP. It is also a regional leader in clean energy, with hydropower as the dominant source of energy in the country, which offers considerable scope for investment.
The UAE launched its CEPA programme in September 2021 and has successfully concluded deals with India, Indonesia, Israel, Türkiye, South Korea, Cambodia, Colombia, Georgia, Mauritius and Congo-Brazzaville. The first four agreements have already come into effect.
