QCOSTARICA — Costa Rica and the United Arab Emirates (UAE) held the formal exchange of ratification notes of the Comprehensive Economic Partnership Agreement on Trade and Investment (CEPA) at the offices of Dubai Chambers, during a formal ceremony headed by the Ministers of Commerce of both countries.
This meeting marks the final step in the process of ratification of the agreement and will allow for its prompt implementation.
As part of the activities to promote the agreement, the forum “Comprehensive Economic Partnership Agreement on Trade and Investment (CEPA), Importance and Opportunities” was held, organized by Dubai Chambers, the Dubai-Costa Rica Business Council and the Foreign Trade Promotion Agency of Costa Rica (PROCOMER).
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Leading figures from the Emirati public and private sectors participated in this event, including the Minister of Foreign Trade of Costa Rica, Manuel Tovar, and the Minister of State for Foreign Trade of the UAE, Dr. Thani bin Ahmed Al Zeyoudi.
In addition, there was a large presence of Emirati private sector businessmen, interested in exploring new investment and trade opportunities with Costa Rica.
“The CEPA with the United Arab Emirates is an example of Costa Rica’s firm commitment to market diversification and the promotion of our exports. This agreement not only gives us preferential access to a strategic market, but also opens up new investment and collaboration opportunities in key sectors for the country’s development, allowing us to access a new space of opportunities for strategic sectors and strengthen our presence in global trade,” said the Minister of Foreign Trade, Manuel Tovar.
For her part, Laura López, General Manager of PROCOMER, also participated in the event in order to promote the country to potential buyers and investors, highlighting the importance of this agreement for the diversification of exports and the attraction of foreign direct investment (FDI).
“This agreement opens the doors to a market with high purchasing power that values many of the attributes that our country has: products and services with very high added value, sustainability, legal security, among others. In addition, it gives us the opportunity to reach new buyers and investors, diversify export destinations and attract capital from different regions, generating more development and well-being for our country,” said López.
CEPA represents a milestone in Costa Rica’s trade policy by opening the doors to a market with high purchasing power (GDP per capita of around us$52,000 dollars) and strengthening economic cooperation between both nations.
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This agreement facilitates the trade of goods and services, creates favorable conditions for foreign investment and encourages collaboration in sectors such as renewable energy, technology and agribusiness.
It also reinforces Costa Rica’s position as a strategic partner in the Middle East and expands internationalization opportunities for national companies.
With the entry into force of CEPA on April 1, Costa Rica and the UAE are consolidating a deeper and more dynamic commercial relationship.
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