Costa Rica Signs FTA with Singapore

Today, while touring the Middle East, Costa Rican Trade Minister Marco Vinicio Ruiz signed a Free Trade Agreement with Singapore.

Tuesday, April 6, 2010

It must now be ratified by the Costa Rican Legislative Assembly.

Expectations run high for increased trade with Singapore in Costa Rica, as the Asian country is a large importer of food and agriculture goods. It also boasts a very large purchasing power per capita, close to $36.000 for its 4.5 million inhabitants.

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Costa Rica and Singapore Close FTA Negotiations

January 2010

Both countries confirmed the agreement, after finally finding common ground in the last remaining issue: financial services.

In the last negotiation round, which took place in Costa Rica from January 8th to 15th, both parties accorded all the texts of the treaty. The only issue remaining was a pending proposal related to investment services, which was solved later via phone communication between both Ministers.

IV Round of Costa Rica - Singapore FTA

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By the end of this fifth negotiation round, Costa Rica expects to gain market access for all the goods it requested.

The country wants access to the Singaporean market for agricultural products like coffee, fruits and vegetables, plus some agri-industial goods and prepared foods, explained Fernando Ocampo, chief Costa Rican negotiator.

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In the second negotiation round, to be held early September, the first regulation agreements are expected.

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Mipunto.com publishes: "For the head of COMEX (Ministry of Commerce), Singapur is 'a market that offers important possibilities for our productive sectors, because it imports most of its materials and offers interesting opportunities in services, innovation and technology'."

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