Costa Rica - UAE CEPA : A Gateway to Middle East Expansion

UAE, 06 March, 2024 : Costa Rican Minister of Foreign Trade Manuel Tovar highlights the significance of the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, marking Costa Rica's first free trade agreement with a Middle Eastern country. The CEPA aims to boost trade, reduce tariffs, and enhance investment opportunities.

Bilateral non-oil trade between the UAE and Costa Rica has surged by 23 percent in 2022, reaching US$60.4 million, reflecting growing economic ties.

Minister Tovar underscores the complementary nature of the two economies, emphasizing potential collaborations in areas like food security, renewable energy, and infrastructure projects.

The UAE's role as a key consumer of food products presents opportunities for Costa Rica, a major producer of agricultural and processed foods.

Costa Rica, heavily reliant on renewable energy, attracts UAE interest for investment opportunities, given its renewable energy sources.

The minister commends the UAE's successful leadership at the WTO Ministerial Meeting (MC13), praising Dr. Thani bin Ahmed Al Zeyoudi's efforts in organizing the conference.

MC13 concluded with the acceptance of the Abu Dhabi Declaration, highlighting consensus on key trade and development policies.

WTO's Ministerial Conference, held every two years, serves as the top decision-making forum for trade policies, aiming to enhance global trade for economic development and improved living standards worldwide.

Source: www.wam.ae