Dubai, UAE – UAE and Costa Rica signed an agreement to mark the launch of preliminary talks for establishing a joint comprehensive economic partnership agreement (CEPA).
Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar Rivera, Minister of Foreign Trade of Costa Rica inked the deal in Dubai.
Al Zeyoudi said, “Today, through the launch of preliminary CEPA negotiations, we have laid the foundations for building a significant and influential platform to future-proof UAE-Costa Rica economic and trade relations. This agreement will contribute to establishing a new era of investment and trade in various fields, thereby supporting the sustainable economic development of both our nations and benefitting regional and global economies.
“Costa Rica is a key strategic partner of the UAE in the Central American region. The launch of preliminary CEPA negotiations reflects the two governments’ shared aspirations to promote bilateral economic relations, boost investment and trade exchanges, expedite the flow of goods, facilitate market access and create new joint investments and projects in priority sectors,” he added.
The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached AED216 million ($58.7 million) in 2022 with a 19 per cent growth compared to that of 2021.
The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.
Al Zeyoudi emphasized that the UAE is keen to expand its network of trade partners and strengthen existing ties with them.
Tovar Rivera said, “Costa Rica is also pursuing an ambitious agenda to expand and diversify our global trade and investment partnerships. The establishment of a CEPA with the UAE will be the beginning of a new era of mutually beneficial relations. This will be our first free trade agreement with a country in the Middle East and Costa Rica will continue to rise in prominence as a key Latin American partner to the UAE.”