Costa Rica Enters Into European Free Trade Association

EU

The Free Trade Agreement (FTA) between Costa Rica and the European Free Trade Association (EFTA) was approved today by a committee of the Legislative Assembly of Costa Rica.

The Committee on International Relations and Foreign Trade of the Legislative Assembly gave a unanimous vote of yes to this trade agreement signed with the European bloc comprising Switzerland, Iceland, Liechtenstein and Norway.

The Costa Rican Minister of Foreign Trade, Anabel González says in a statement that the TLC is a “natural step” for the country.

“This agreement is of great relevance for Costa Rican exports to receive preferential terms to the entire European continent,” said Gonzalez.

She added that the agreement “will open new opportunities for our productive sectors and will become a valuable tool to promote the attraction of foreign direct investment”.

This free trade FTA provides 98.7% of Costa Rican products and 93.3% of the assets of the EFTA.

According to the Costa Rican authorities, the EFTA, whose GDP per capita average of $47,000, provides opportunities for products such as tropical fruits, coffee, flowers, vegetables, industrial goods, medical devices and more.

The negotiation of the agreement began in February 2012 and was signed on June 24, 2013.

In the last decade, trade with the EFTA Costa Rica increased from $64.8 million in 2002 to $161 million in 2012, according to official data.

Costa Rica News Site

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