UAE, Costa Rica Inaugurate New Trade, Investment Era Under CEPA
In a significant move to bolster economic ties, Rodrigo Chaves Robles, President of Costa Rica, welcomed Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the UAE, along with a high-level Emirati delegation in San José. This visit underscores the strengthening relationship between the two nations, particularly in the realms of trade and investment.
Dr. Al Zeyoudi conveyed heartfelt greetings from the leadership of the UAE, expressing wishes for Costa Rica's continued prosperity and well-being. The discussions between President Chaves and Dr. Al Zeyoudi centered on the Comprehensive Economic Partnership Agreement (CEPA), which is poised to significantly boost bilateral trade and investments by removing tariffs, minimizing trade barriers, and fostering private sector cooperation.
The CEPA marks a pivotal chapter in the UAE's strategic initiative to amplify its non-oil foreign trade, aiming to surpass AED4 trillion by 2031. This agreement is celebrated as a milestone that will usher in a new era of economic relations between the two countries.
During his visit, Dr. Al Zeyoudi engaged with several Costa Rican ministers and senior officials to expedite economic collaboration. The growing non-oil trade between the UAE and Costa Rica, which hit US$65 million in 2023, was a key topic of discussion. Both parties explored avenues for expanding trade and investment in sectors of mutual interest such as renewable energy, tourism, food security, ICT, and manufacturing.
Meetings with Manuel Tovar, Minister of Foreign Trade; Franz Tattenbach, Minister of Environment and Energy; and Efraim Zeledon Leiva, Deputy Minister Ministry of Public Works and Transport of Costa Rica highlighted the diverse opportunities for enhancing trade and investment ties.
Dr. Al Zeyoudi emphasized Costa Rica's potential as a vibrant economy in Central America and its alignment with the UAE's focus on innovation-driven sustainable development. The CEPA is expected to provide substantial market access for the UAE, making 98 percent of tariff lines duty-free or subject to reduced tariffs across various sectors.
A high-level roundtable discussion also took place, bringing together corporate leaders from both countries to discuss potential partnerships and investment opportunities. Dr. Al Zeyoudi highlighted the UAE's position as a global trade hub and its attractive business environment.
The UAE delegation included prominent figures such as Rawdha Mohamed Alotaiba, UAE Ambassador to Costa Rica; Rashed Abdulkarim Al Blooshi from ADDED; Juma Mohammed Al Kait from the Ministry of Economy; Mohammed Juma Al Mashrekh from Invest in Sharjah; Ahmed Khalifa Al Qubaisi from the Abu Dhabi Chamber of Commerce and Industry; and Sultan Al Hindasi from Fujairah Chamber of Commerce and Industry. This visit not only solidifies the economic partnership between the UAE and Costa Rica but also opens doors for future collaborations across key sectors.
With inputs from WAM
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