Legislative Ratification of the Costa Rica - Singapore FTA
With the approval of the FTA between the two countries, all exportable Costa Rican products will enter Singapore completely duty free.
Tuesday, March 5, 2013
From a press release issued by the Legislative Assembly of Costa Rica:
From now on domestic products will enter the market in Singapore duty free, after 39 out of 44 members present approved on its second reading the Free Trade Agreement between Costa Rica and this Asian nation.
According to the president of the International Relations Committee, Jeannette Ruiz Delgado: "Singapore is a very small nation, and therefore most of its food is imported, which opens up a lot of opportunities for various Costa Rican companies to place their products there and its economy is based on services, representing a window of opportunity for technological cooperation, research and exchange of information. "
According to data provided by the Ministry of Foreign Trade at the hearing in Congress, trade exchange showed dynamic behavior, going from $50.6 million in 2010 to $69.7 million in 2011.
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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.
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.
The Legislature has approved on the first reading the FTA with Singapore and the modernization of the Free Trade Agreement with Mexico.
A statement from the Foreign Trade Ministry (COMEX) reads:
On 21 December last year the Legislature approved, on first reading, the FTA with Singapore and the modernization of the Free Trade Agreement with Mexico.
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.
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