Costa Rica and UAE Forge New Trade Partnership

Rodrigo Chaves Robles, President of Costa Rica, warmly welcomed Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and his high-level delegation from the UAE to the Costa Rican capital, San José.

In a cordial meeting, Al Zeyoudi conveyed the sincere regards of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mansour bin Zayed Al Nahyan to the leadership and people of Costa Rica, expressing hopes for continued prosperity and well-being.

President Chaves and Minister Al Zeyoudi affirmed their commitment to bolstering bilateral trade and mutual investments between the two nations through a Comprehensive Economic Partnership Agreement (CEPA). This landmark agreement aims to eliminate tariffs, reduce trade barriers, and foster the exchange of goods, capital, and ideas, thus promoting economic cooperation and growth in both countries.

The CEPA marks a significant stride in the UAE's foreign trade program, aligned with its vision to elevate non-oil foreign trade to over AED4 trillion by 2031.

During the visit, Minister Al Zeyoudi engaged with several Costa Rican ministers and officials to accelerate economic cooperation. The signing of the CEPA was celebrated as a pivotal moment ushering in a new era of relations between the two nations.

Acknowledging the growing non-oil trade between UAE and Costa Rica, which reached US$65 million in 2023, Minister Al Zeyoudi met with Manuel Tovar, Minister of Foreign Trade of Costa Rica, to explore avenues for further collaboration in sectors like renewable energy, tourism, and information technology.

Discussions with Franz Tattenbach, Minister of Environment and Energy, centered on leveraging trade and investment opportunities in renewable energy and sustainable development. Meanwhile, talks with Efraim Zeledon Leiva, Deputy Minister of Public Works and Transport, aimed at enhancing cooperation in transportation and infrastructure sectors.

Minister Al Zeyoudi emphasized Costa Rica's promising economy, noting areas ripe for collaboration with the UAE. Both nations share a commitment to fostering flexible and sustainable economies driven by innovation, investment, and trade.

The CEPA ensures significant market access for the UAE, with 98 percent of tariff lines duty-free or with reduced tariffs, covering a wide array of products and services including aluminum, machinery, and financial services.

Moreover, the agreement enhances Emirati service providers' access to the Costa Rican market across various sectors such as construction, education, healthcare, and tourism.

As part of the visit, Minister Al Zeyoudi participated in a high-level roundtable discussion with corporate executives and investors from both countries, aiming to bolster cooperation between private sectors. The UAE's business-friendly environment and its role as a global trade hub were highlighted, attracting international investors to key economic sectors.

Rawdha Mohamed Alotaiba, UAE Ambassador to Costa Rica, accompanied the delegation, which included prominent officials and business leaders from various sectors, demonstrating the shared commitment to fostering robust economic ties between the UAE and Costa Rica.