UAE and Costa Rica Inaugurates New Chapter in Trade and Investment Under CEPA

UAE and Costa Rica Forge New Economic Alliances with CEPA Agreement

UAE’s Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, arrived in the vibrant Costa Rican capital, San José, accompanied by a distinguished delegation, to be warmly received by Rodrigo Chaves Robles, President of Costa Rica. This historic meeting marked the dawn of an unprecedented chapter in bilateral relations, heralding promises of economic prosperity and collaboration.

Pioneering Economic Frontiers: The Unveiling of CEPA

The signing of the Comprehensive Economic Partnership Agreement (CEPA) stands as a defining moment in the UAE’s strategic foreign trade endeavors. With a visionary goal to surpass AED 4 trillion in non-oil foreign trade value by 2031, the CEPA represents a monumental stride towards realizing this ambition.

Strategic Dialogues: Strengthening Economic Ties

Minister Al Zeyoudi embarked on a series of dynamic dialogues with Costa Rica’s ministers and senior officials, igniting conversations aimed at fortifying economic cooperation between the two nations. Their collective efforts aimed to expedite initiatives fostering mutual growth and prosperity.

Celebrating Trade Milestones: Reflecting on Past Achievements

Against the backdrop of burgeoning non-oil trade, which surged to US$65 million in 2023, Minister Al Zeyoudi and Minister Manuel Tovar of Costa Rica celebrated the milestones achieved. They deliberated on the vast potential for further economic collaboration, fueled by shared ambitions and strategic synergies.

Exploring Promising Sectors: Ventures for Mutual Advancement

Discussions delved into sectors ripe with promise for mutual investment and advancement. Renewable energy, tourism, food security, information and communication technology, and manufacturing emerged as focal points for collaborative exploration, underlining a shared commitment to innovation and progress.

Environmental Sustainability at the Forefront: Green Agenda

Meetings with Franz Tattenbach, Costa Rica’s Minister of Environment and Energy, underscored the shared commitment to sustainable development. Conversations revolved around leveraging trade and investment to drive environmental conservation efforts, aligning with global sustainability goals.

Infrastructure Integration: Seizing Investment Opportunities

Strategic discussions with Efraim Zeledon Leiva, Deputy Minister of Costa Rica’s Ministry of Public Works and Transport, explored the vast potential in transportation, logistics services, and infrastructure development. Both parties brainstormed strategic collaborations to catalyze progress in these critical sectors.

United in Economic Growth: Shared Visions

Costa Rica’s prominence as a promising economy in Central America was emphasized by Minister Al Zeyoudi, highlighting the synergies between the UAE and Costa Rica. Both nations are united in their commitment to fostering flexible, sustainable economies grounded in innovation, investment, and trade.

Gateway to Prosperity: Unveiling CEPA Benefits

The CEPA promises substantial benefits for UAE businesses, with 98 percent of tariff lines designated as duty-free or subject to reduced tariffs. Minister Al Zeyoudi underscored the agreement’s significance in enhancing market access for Emirati exporters across various industries.

Expanding Market Reach: Service Sector Opportunities

Beyond goods, the CEPA facilitates access for Emirati service providers to the Costa Rican market across diverse sectors. From business and communications to healthcare, tourism, and transportation, the agreement opens doors for enhanced collaboration and investment, fostering economic growth.

Igniting Innovation: Private Sector Collaboration

A high-level roundtable discussion with corporate leaders and investors from both nations served as a platform to catalyze collaboration in the private sector. The interactive session aimed to fuel innovation and drive economic growth through strategic partnerships, unlocking new avenues for prosperity.

Seizing Investment Opportunities: Invitations for Growth

Amidst a landscape ripe with opportunities, Minister Al Zeyoudi extended invitations for investors to explore the wealth of opportunities in both the UAE and Costa Rica. With its business-friendly environment, the UAE beckons as a global trade hub offering unparalleled investment prospects, paving the way for mutual growth and prosperity.

In the realm of international trade, the UAE and Costa Rica stand as trailblazers, united in their pursuit of economic prosperity and global collaboration. Their shared journey reflects a commitment to innovation, growth, and enduring partnership, charting a course towards a prosperous future.