UAE-Costa Rica Comprehensive Economic Partnership Agreement to unlock myriad of trade and investment opportunities

HH Sheikh Mohamed bin Zayed, President of the UAE, and his Costa Rican counterpart, HE Rodrigo Chaves Robles, recently noted the signing of the UAE-Costa Rica Comprehensive Economic Partnership Agreement (Cepa) during a virtual ceremony.

Dr Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade of the UAE, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, signed the key deal, heralding a fresh era of bilateral cooperation between both countries.

The Cepa deal is expected to improve trade figures, increase collaboration in the private sector and provide better opportunities for investment, especially in priority areas such as infrastructure development, energy, logistics, aviation and tourism.

UAE-Costa Rica Cepa to ensure increased prosperity

HE Robles expressed his delight about the signing of the agreement, adding: “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 highlighted that he firmly believes the economic partnership can unlock a series of trade and investment opportunities resulting in increased prosperity for people. The agreement has been attracting substantial attention from media agencies in different countries.

The Cepa is the latest agreement to be signed under the UAE’s latest foreign trade agenda, which aims to expand the nation’s network of trade partners, establish fresh markets for exports and secure the nation’s status as a global gateway for goods and services.

UAE committed to establishment of strategic partnerships

Upon implementation, the UAE-Costa Rica Cepa is expected to catalyse trade and investment into priority sectors, pushing both countries into a zone of improved shared economic success and prosperity for their respective businesses and people.

For his part, UAE President HH Sheikh Mohamed said the agreement brings a fresh chapter in UAE-Costa Rica bilateral relations. Both countries marked non-oil trade exceed $65 million last year, a 7% increase over 2022 and 31% over 2021.

He remarked that the Emirates is thoroughly committed to the establishment of strategic partnerships with countries that focus on forward-thinking economic development for the betterment of the global population.

Check out this space for more updates on the UAE-Costa Rica Cepa deal.

Read More: UAE economy predicted to expand by 5% as economic diversification takes lead