‘New era of collaboration’ as Costa Rica signs partnership agreement
The UAE and Costa Rica have signed a comprehensive economic partnership agreement that will provide new investment opportunities in key sectors and boost trade ties between the two countries.
The agreement will boost private sector collaboration and offer investors opportunities in priority sectors, including logistics, energy, aviation, tourism and infrastructure development, according to state news agency Wam.
President Sheikh Mohamed said the UAE is looking forward to “the impact this agreement will have on trade and investment ties” between the two countries. “The UAE is committed to building bridges of friendship and co-operation with nations that share our vision of long-term prosperity,” Sheikh Mohamed said on X, formerly Twitter, on Thursday
Non-oil trade between the UAE and Costa Rica exceeded $65 million last year, a 7 per cent increase from 2022 and up 31 per cent compared with 2021, Wam reported.
Costa Rica President Rodrigo Chaves Robles expressed confidence that the partnership will unlock a variety of opportunities. “This is the first agreement of its kind between Costa Rica and a country of the Middle East, aligning with our administration’s strategic objective of expanding into new markets,” he said.
The agreement is the latest in a string of Cepa signings by the UAE and follows the conclusion of negotiations for a deal with Kenya in February. The latest deal is the UAE’s first with a country in Central America.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said the deal will start “a new era of economic collaboration between our nations, strengthen East-West supply chains and provide a bridge into a rapidly developing region”.
He said the bilateral trade “has been building impressively” and the new partnership would add momentum especially in sectors such as tourism, renewable energy, food security, information
President Rodrigo Chaves Robles expressed confidence that the partnership would unlock a variety of opportunities
and communications technology and manufacturing.
The UAE is focused on boosting its non-oil trade with countries around the world as it seeks to diversify its economy and attract foreign investment.
The country will exceed its initial target of signing 26 Cepas because of its pace of work and interest from other countries, Dr Zeyoudi told The National last month. It aims to conclude another seven to eight new Cepa deals in 2024, the minister said at the time.