Legislative Progress in Costa Rica - Colombia FTA

The Costa Rican Congress approved on its first reading a Free Trade Agreement which makes 71% of the market for goods and services in Colombia duty free.

Tuesday, March 4, 2014

On Monday, the Legislative Assembly of Costa Rica approved on its first reading the Free Trade Agreement with Colombia. The entry into force of this trade agreement is needed in order to allow the Central American nation to join the Pacific Alliance.

During the FTA negotiations, Costa Rica promised to open up 70.6% of its tariffs immediately for products coming in from Colombia. "4% of the negotiated products will be liberalized in five years, while 16.5% of exports will be duty free in 10 years and 4.8% in another 15 years."

"In the case of Costa Rican exports, they will have immediate access to 69% of the Colombian tariff regime, 0.3% must be duty free in 3 years, 15.5% in 5 years and in 10 years 10% of exports ".

Cocoa beans, refined salt, and medicines are among some of the Colombian products which will have have free access to the Costa Rican market. In turn, Costa Rica will export to the South American nation fizzy drinks, puree, banana essence, foliage, medical devices, tires for buses, and other things.

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Costa Rica-Colombia FTA Takes Effect

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The agreement will come into effect on August 1, making 75% of industrial goods duty-free immediately and the rest within 5 to 15 years.

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Costa Rica Approves FTA with Colombia

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The trade agreement excludes oil, some dairy and meat products, waffles, beer, gum, certain plastics, paper, cardboard and the metalworking sectors.

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