UAE And Costa Rica Forge New Path With Economic Partnership Agreement
In a significant stride towards bolstering bilateral relations, the United Arab Emirates and Costa Rica have entered into a Comprehensive Economic Partnership Agreement (CEPA). This landmark agreement was signed in a virtual ceremony observed by President His Highness Sheikh Mohamed bin Zayed Al Nahyan of the UAE and His Excellency Rodrigo Chaves Robles, President of Costa Rica. The signatories included Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica.
This agreement marks a pivotal moment in the economic relations between the two nations, promising to enhance trade flows, foster private-sector collaboration, and open new avenues for investment. Key sectors identified for priority include logistics, energy, aviation, tourism, and infrastructure development. This CEPA is part of the UAE's broader foreign trade agenda aimed at expanding its network of global trade partners, establishing new markets for its exports, and reinforcing its position as a leading facilitator and gateway for international trade.
His Highness Sheikh Mohamed bin Zayed Al Nahyan hailed the agreement as a significant milestone in UAE-Costa Rican economic ties. He noted that non-oil trade between the two countries surpassed US$ 65 million in 2023, marking a 7 percent increase from 2022 and a 31 percent increase from 2021. His Highness underscored the critical role of trade in fostering international cooperation, especially in addressing global challenges such as climate change and food security.
The UAE's commitment to establishing strategic partnerships with nations that share a vision for innovative, sustainable, and diversified economic development was emphasized. The CEPA with Costa Rica is seen as a testament to this commitment, aiming to deepen ties and promote mutual economic success.
From Costa Rica's perspective, President Rodrigo Chaves Robles expressed enthusiasm about the agreement. Highlighting it as Costa Rica's first such agreement with a Middle Eastern country, he stressed its alignment with his administration's strategic goal of penetrating new markets. President Chaves Robles is optimistic about the trade and investment opportunities that this partnership will unlock, leading to increased prosperity for both nations.
The UAE-Costa Rica CEPA stands as a beacon of international cooperation and economic partnership. It not only aims to catalyse trade and investment into priority sectors but also propels both countries towards shared success and prosperity. This agreement underscores the importance of forward-thinking economic development and sets a precedent for future bilateral agreements between nations.
With inputs from WAM
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