QCOSTARICA — The Legislative Assembly approved the Free Trade Agreement (FTA) – Tratado de Libre Comercio (TLC), in Spanish – between Costa Rica and the United Arab Emirates (UAE) on Tuesday.
“Approval of the Comprehensive Economic Partnership Agreement on Trade and Investment between the Republic of Costa Rica and the United Arab Emirates, signed in San José, Costa Rica, on April 17, 2024,” reads the text.
The agreement is the first of an economic and commercial nature with a Middle Eastern country.
– Advertisement –
According to the president of the International Relations Commission, and legislator of the Partido Liberación Nacional (PLN), Luis Fernando Mendoza, the commercial agreement includes the exchange of products such as palm oil and medical devices.
Excluded from this treaty are sugar, pork, and beer.
The FTA with the Emirati country represents a market of 10 million people for Costa Ricans. In this Middle Eastern country, imports represent 82% of its economy.
The Free Trade Agreement covers the following areas:
- trade in goods
- rules of origin
- trade facilitation
- sanitary and phytosanitary measures
- technical barriers to trade
- corrective trade measures
- investment
- trade in services
- digital trade
- intellectual property
- public purchases
- dispute resolution
- small and medium-sized enterprises
- economic cooperation, and
- institutional affairs (initial provisions and definitions, transparency, administration of the agreement, exceptions and final provisions).
The initiative will require signature by President Rodrigo Chaves and its subsequent publication in the official government newsletter, La Gaceta, to become law.
– Advertisement –
Source link
Rico
