San Jose Costa Rica /
Costa Rica and the United Arab Emirates (UAE) successfully concluded the fourth round of negotiations towards a trade agreementin which they addressed issues of corrective trade measures, economic cooperation, digital trade and dispute resolutionan official source reported this Thursday.
The Minister of Foreign Trade of Costa Rica, Manuel Tovar, pointed out that in the fourth round of negotiations, most of the texts were agreed upon.
This treaty would be joined by the list of closed chapters on public procurement, corrective trade measures, economic cooperationas well as legal and institutional provisions and the annex on telecommunications.
“The results of this round of negotiations, characterized by pragmatism and the commitment of both parties to continue moving forward, bring us closer and closer to closure and we are excited to soon realize this aspiration of starting a new era of opportunities for Costa trade. Rich with the Middle East,” Tovar said in a statement.
The authorities reported that some details remained pending to be finalized in the texts of the chapters related to rules of origin, trade in services and market accesswhich will be addressed through new virtual exchanges in the coming weeks.
The Ministry of Foreign Trade explained that the Agreement with the United Arab Emirates will be Costa Rica’s first with a Middle Eastern country, which “will open up a variety of opportunities to exporters of goods and services to this new market in a region that is increasingly important in the global context.
Negotiations between Costa Rica and the United Arab Emirates lasted about a year
The launch of negotiations It was announced in March of this year by Minister Tovar and the UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, during a visit by the Costa Rican official. The first round of negotiations took place last July.
Costa Rica and the UAE exchanged resident embassies in 2017. Since then, more than 25 instruments of various kinds have been signed.
Official data indicate that from 2021 to 2022, total trade grew by 19.3%, reaching 58.7 million dollars annually. Costa Rican exports reached 43.8 million dollars last year, with an increase of 21.3% compared to 2021.