UAE and Costa Rican Presidents witness signing of UAE-Costa Rica Comprehensive Economic Partnership Agreement

 


The leaders of the United Arab Emirates (UAE) and Costa Rica witnessed the signing of a historic comprehensive economic partnership agreement between the two countries that is expected to boost bilateral trade and investment ties. UAE President Sheikh Mohamed bin Zayed Al Nahyan and Costa Rica President Rodrigo Chaves Robles were present as UAE Minister of Economy Abdulla bin Touq Al Marri and Costa Rica Minister of Foreign Trade Andrés Valenciano exchanged documents to finalize the pact in Abu Dhabi. 


The UAE-Costa Rica Comprehensive Economic Partnership Agreement aims to liberalize trade in goods and services as well as promote investment flows between the trading partners. It includes provisions to eliminate customs duties on various product categories over a period of time in order to enhance market access. Rules have also been laid out regarding sanitary and phytosanitary measures, technical barriers to trade, customs procedures, intellectual property, government procurement, competition, and dispute settlement.


Signing the agreement builds on the growing strategic partnership between the UAE and Costa Rica which was elevated to a comprehensive strategic level last year. Bilateral trade has expanded significantly in recent years, reaching $116 million in 2021. The UAE is now Costa Rica's largest trading partner in the Middle East and one of its top 20 globally. The new economic pact is expected to significantly boost two-way commerce by removing trade barriers and facilitating investment partnerships across priority sectors like industry, energy, infrastructure, tourism, and finance.


Both leaders expressed confidence that the comprehensive agreement would take the UAE-Costa Rica bilateral relationship to new heights by creating a more stable and predictable business environment and regulatory framework for companies operating in each other's markets. They highlighted various opportunities for collaboration, especially in areas aligned with their sustainable development goals like renewable energy, green technology, and knowledge-based industries. The signing ceremony demonstrated the commitment of the two nations to strengthening their mutually beneficial trade and investment ties through this pioneering pact.

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