UAE and Costa Rica Ink Comprehensive Economic Partnership Agreement

UAE, 18 April, 2024 : UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Costa Rican President Rodrigo Chaves Robles witnessed the virtual signing of the UAE-Costa Rica Comprehensive Economic Partnership Agreement (CEPA).

The agreement was inked by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Costa Rican Minister of Foreign Trade Manuel Tovar. This marks a significant step towards strengthening bilateral ties, boosting trade flows, and fostering private-sector collaboration in key sectors like logistics, energy, aviation, tourism, and infrastructure.

The UAE's new foreign trade agenda aims to expand its global trade network, opening new export markets and reinforcing its role as a global trade hub. Non-oil trade between the UAE and Costa Rica reached over US$ 65 million in 2023, showing a 7% rise from 2022 and a 31% increase from 2021.

President Sheikh Mohamed bin Zayed Al Nahyan hailed the CEPA as a landmark in UAE-Costa Rican economic relations. He emphasized the significance of trade in building resilient supply chains and addressing global challenges such as climate change and food security. Sheikh Mohamed reiterated the UAE's commitment to forging strategic partnerships with nations that prioritize innovative and sustainable economic development.

President Rodrigo Chaves Robles expressed his enthusiasm for the agreement, stating it's the first of its kind between Costa Rica and a Middle Eastern country. He believes this partnership will open doors to numerous trade and investment opportunities, benefiting both nations and enhancing prosperity.

Source : www.gulfnews.com