The United Arab Emirates (UAE) and Costa Rica have inaugurated a new era of trade and investment cooperation with the signing of a Comprehensive Economic Partnership Agreement (CEPA). President Rodrigo Chaves Robles of Costa Rica welcomed Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, in the capital city of San Jose during a visit by a high-level delegation from the UAE.
The agreement aims to enhance bilateral trade and mutual investments by eliminating tariffs, reducing trade barriers, and promoting the exchange of goods, capital, and ideas between the two countries. The UAE’s foreign trade programme seeks to increase non-oil foreign trade value to over AED4 trillion by 2031, and the CEPA with Costa Rica is a significant step in achieving this goal.
During the visit, Al Zeyoudi met with several ministers and senior government officials to accelerate economic cooperation between the two countries. The parties celebrated the signing of the CEPA, which marks the beginning of a new chapter in their relations.
Both sides highlighted promising prospects for expanding trade and investment in sectors such as renewable energy, tourism, food security, information and communication technology, and manufacturing. Al Zeyoudi also discussed trade and investment opportunities with key officials in Costa Rica, emphasizing the potential for cooperation in transportation, logistics services, and infrastructure.
The CEPA will provide the UAE with significant market access in Costa Rica, with 98 percent of tariff lines duty-free or with reduced tariffs. Emirati service providers will have enhanced access to the Costa Rican market across various sectors, including business, construction, education, finance, healthcare, tourism, and transportation.
The UAE delegation, including government officials and business leaders, participated in a high-level roundtable discussion with senior corporate executives and investors from both countries to explore potential investment and partnership opportunities. The UAE Ambassador to Costa Rica, Rawdha Mohamed Alotaiba, also attended the meetings, underscoring the importance of the new trade and investment era between the two nations.