UAE, Costa Rica Sign Trade Deal, UAE President Confirms
UAE's CEPAs are broad trade deals, usually involving investment and services clauses
UAE and Costa Rica Ink Trade Pact to Boost Economic Ties
On Thursday, UAE President Sheikh Mohammed bin Zayed Al Nahyan announced a significant development in bilateral relations between the United Arab Emirates and Costa Rica. The two nations have come together to sign an agreement aimed at bolstering their trade and investment ties. This announcement, conveyed through a post on the social media platform X, underscores the commitment of both Middle Eastern and Central American countries to strengthening their economic partnership.
At the heart of this agreement lies the Comprehensive Economic Partnership Agreement (CEPA), a comprehensive and far-reaching trade pact. CEPAs are known for their expansive nature, often incorporating various provisions covering investment and services. By signing this CEPA, the UAE and Costa Rica are laying the groundwork for enhanced cooperation across a broad spectrum of economic activities.
According to a report released by the UAE’s state news agency, the signing of the CEPA signals a promising trajectory for bilateral trade. In 2023, non-oil trade between the UAE and Costa Rica amounted to $65 million, reflecting a notable increase of 7 per cent compared to the previous year. This growth serves as a testament to the potential for further economic collaboration between the two nations.
Furthermore, the UAE’s role as a major international re-export hub adds another layer of significance to this agreement. Situated at the crossroads of continents, the UAE serves as a vital conduit for goods flowing between Asia, Africa, Europe, and other regions. Its strategic location and robust infrastructure make it a pivotal player in global trade dynamics.
The signing of the agreement between the UAE and Costa Rica marks a milestone in their bilateral relations, with the CEPA laying the groundwork for deeper economic cooperation. As both nations look towards the future, this agreement paves the way for increased trade, investment, and mutual prosperity.
