The United Arab Emirates and Costa Rica have signed an agreement that will help improve bilateral trade and investment ties, UAE President Sheikh Mohammed bin Zayed Al Nahyan said on Thursday.
The Gulf and Central American countries signed a Comprehensive Economic Partnership Agreement (CEPA) during a virtual ceremony, the president said in a post on social media platform X.
CEPAs signed by the UAE are broad free trade agreements that typically also include clauses covering investment and services.
“The agreement, which was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, heralds a new era of bilateral cooperation between the two countries. It will also enhance trade flows, increase private-sector collaboration, and provide new opportunities for investment, particularly in priority sectors such as logistics, energy, aviation, tourism, and infrastructure development,” UAE's state news agency (WAM) said.
Bilateral non-oil trade between the two countries was worth $65 million in 2023, up 7% on the previous year, according to the report carried by WAM on the CEPA signing.
Sheikh Mohamed welcomed the agreement as a new chapter in UAE-Costa Rican economic relations.
He highlighted the importance of trade to international cooperation, particularly in the pursuit of secure, resilient supply chains and solutions to pressing global issues such as climate change and food security.
