During a visit by a prominent Costa Rican delegation to Dubai’s Ministry of Economy headquarters, H.E Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Manuel Tovar Rivera, Minister of Foreign Trade of the Republic of Costa Rica, signed a joint statement initiating preliminary discussions on establishing a comprehensive economic partnership agreement (CEPA) between the UAE and Costa Rica.
Al Zeyoudi said, “Today, through the launch of preliminary CEPA negotiations, we have laid the foundations for building a significant and influential platform to future-proof UAE-Costa Rica economic and trade relations. This agreement will contribute to establishing a new era of investment and trade in various fields, thereby supporting the sustainable economic development of both our nations and benefitting regional and global economies.
“Costa Rica is a key strategic partner of the UAE in the Central American region. The launch of preliminary CEPA negotiations reflects the two governments’ shared aspirations to promote bilateral economic relations, boost investment and trade exchanges, expedite the flow of goods, facilitate market access and create new joint investments and projects in priority sectors,” he added.
In 2022, non-oil trade between the UAE and Costa Rica rose by 19% to reach AED 216M ($58.7M). The UAE has invested in a variety of sectors in Costa Rica, including IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics, according to WAM.
Dr. Thani bin Ahmed Al Zeyoudi stated that the UAE is eager to expand its network of trade partners and strengthen existing relationships. He added that the UAE will continue to pursue partnerships with strategic global markets as part of the country’s comprehensive economic partnerships program, in accordance with the “We the UAE Vision 2031” plan. This plan aims to double the national economy from AED 1.49T to AED 3T, raise the value of national non-oil exports to AED 800B, and increase the value of the UAE’s foreign trade to AED 4T by 2031.
Tovar Rivera said, “Costa Rica is also pursuing an ambitious agenda to expand and diversify our global trade and investment partnerships. The establishment of a CEPA with the UAE will be the beginning of a new era of mutually beneficial relations. This will be our first free trade agreement with a country in the Middle East and Costa Rica will continue to rise in prominence as a key Latin American partner to the UAE. The creation of new trade and investment opportunities will also bring economic and social benefits for the people of both countries.”
The comprehensive economic partnerships programme was launched by the UAE government in September 2021 with the aim of expanding the trade and investment partnership with a number of strategic global markets, increase the size of trade exchanges, and enhance growth opportunities for the national exports. Through this programme, the UAE has signed four agreements so far – with India, Israel, Indonesia, and Turkiye – and the upcoming period will see the signing of more agreements with other countries. As a result of these efforts, the UAE’s non-oil foreign trade achieved an unprecedented growth and crossed the AED 2T mark for the first time in history in 2022, up 17% from 2021.
