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Costa Rica Trade Minister hails UAE as reliable partner

Manuel Tovar, Minister of Foreign Trade of Costa Rica

Manuel Tovar stressed the importance strengthening and expanding economic partnership with the UAE…reports Asian Lite News

Costa Rica signs Comprehensive Economic Partnership Agreement (CEPA) with UAE. Following that, Manuel Tovar, Minister of Foreign Trade of Costa Rica highlights that UAE is a “reliable partner and trade gateway” to the Middle East and Gulf countries.  

In statements to the Emirates News Agency (WAM) on the sidelines of the CEPA signing, Tovar said that the agreement marks a new era in promoting trade and investment relations between the two countries.

He stressed the importance of strengthening and expanding economic partnership with the UAE, recognising the country’s strategic economic weight, not only regionally but also in international markets.

He commended the UAE’s success in diversifying its economy beyond oil, leading to a developed and flexible economic structure, particularly in the service trade, a focus area for both nations to underscore and reinforce through the CEPA.

Tovar stressed the mutual interest in bolstering economic ties through the CEPA, emphasising sectors like renewable energy, where Costa Rica aims to fulfill over 90% of its electricity needs from sustainable sources. Tovar discussed potential collaboration and investment opportunities in renewable energy, presenting promising prospects for businesses in both countries.

Moreover, Tovar identified agriculture and food processing as key areas of cooperation, with a focus on expanding Costa Rica’s exports of various agricultural products such as apples and coffee. He also highlighted the potential for tourism growth between the two countries, noting the UAE’s diverse attractions.

Non-oil trade between the UAE and Costa Rica has shown consistent annual growth, with a remarkable 23% increase in 2022, reaching $60.4 million, more than double the value recorded in 2018.

ALSO READ : UAE, Costa Rica Agree Terms on CEPA

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-Top News Arab News UAE News

UAE, Costa Rica Agree Terms on CEPA

Bilateral non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million– which is more than double the value recorded in 2018…reports Asian Lite News

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, have signed a joint statement to confirm the conclusion of negotiations towards a Comprehensive Economic Partnership Agreement (CEPA) between the two nations. Once implemented, the UAE-Costa Rica CEPA will eliminate or lower tariffs, reduce barriers to trade, promote private-sector collaboration and create pathways for investment.

Bilateral non-oil trade between the UAE and Costa Rica has been growing consistently year-on-year, climbing 23% in 2022 to reach US$60.4 million– which is more than double the value recorded in 2018. Costa Rica’s economy has demonstrated resilience amid global challenges, growing by 4.7% in the first half of 2023, with services contributing 66.9% to the country’s GDP. It is also a regional leader in clean energy, with hydropower the dominant source of energy in the country, which offers considerable scope for investment.

Al Zeyoudi stated, “The UAE and Costa Rica are both nations that see the immense benefits of open trade, and the opportunities for further economic collaboration in key sectors such as tourism, renewable energy, food security, ICT and manufacturing. Costa Rica is one of the most promising, investment-friendly economies in Latin America and we look forward to building on our positive relationship to accelerate trade flows and establish platforms for investment and joint-ventures. We are both committed to developing resilient, future-proof and sustainable economies and this partnership will enable us to support each other’s efforts.”

Manuel Tovar, Minister of Foreign Trade of Costa Rica, stated, “It fills me with satisfaction and pride to have reached the closure of this negotiation. A CEPA with the United Arab Emirates marks a milestone for Costa Rica, as it is the first time that Costa Rica has signed an agreement with a Middle Eastern and Gulf country. I am certain that the future entry into force of the CEPA will consolidate the relationship between Costa Rica and the UAE, a long-standing partner and friend, as it would expand and diversify opportunities for our exportable supply and for consumers and producers, provide legal certainty for trade and investment activities and promote economic cooperation among our countries.”

The UAE launched its CEPA programme in September 2021 and has successfully concluded deals with India, Indonesia, Israel, Türkiye, South Korea, Cambodia, Colombia, Georgia, Mauritius and Congo-Brazzaville. The first four agreements have already come into effect.

ALSO READ: Morocco Joins Regional Industrial Partnership

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Sport Sports

Spain thrash Costa Rica 7-0 in World Cup opener

Spain end Italy's unbeaten run, reach Nations League final.

The Costa Ricans were unable to put up any resistance against a rampaging attack by the men in red since Dani Olmo’s 11th minute goal that put Spain ahead 1-0…reports Mukhesh Sharma

Spain virtually steamrolled a feeble Costa Rica 7-0 in the FIFA Group E match at the Al Thumama Stadium in Doha on Wednesday.

Spanish fans could not have it better on a pleasant evening in Doha as Costa Rica failed to even take a shot at the goal, suffering a humiliating defeat at the hands of the Europeans.

Teenage star Gavi, who also plays for Barcelona, became the youngest player since Brazil’s Pele to score a World Cup goal as he confidently steered home the ball in the 74th minute, taking his side ahead by four goals to nil.

The Costa Ricans were unable to put up any resistance against a rampaging attack by the men in red since Dani Olmo’s 11th minute goal that put Spain ahead 1-0.

Costa Rica players were found fumbling with just 18 per cent ball possession and 12 fouls out of 20 in the match.

Ferran Torres scored twice — in the 31st minute and 54th minute, the first with a penalty. The other scorers were Asensio (21′), Soler (90′) and Morata (90+2′).

Spain meets Germany while Costa Rica take on Japan on Sunday at the Al Bay Stadium and Ahmad Bin Ali Stadium, respectively.

ALSO READ-Japan stun 4-time champions Germany 2-1 in group E