The potential trade from a FTA between Costa Rica and China.

The visit of president Hu Jintao to Costa Rica will strengthen the commercial ties with China, which are vital for increasing Costa Rica's presence in Asian markets.

Monday, November 17, 2008

Costa Rican minister of Foreign Affairs, Marco Vinicio Ruiz, says that there is a great potentional for growth in the commercial relation with China which will increase with the eventual negotiation of a Free Trade Agreement (FTA).

According to Ruiz, the results of a feasibility study for a China - Costa Rica FTA, carried out between January and August of this year, shows that both economies are complementary and full of business opportunities.

"It is important to China because it sees Costa Rica as a strategic partner, as a business platform to reach other markets in the continent, including the US, NAFTA, the Caribbean, and the rest of Central America," he commented.

An agreement could possibly be completed before the end of the term of the Oscar Arias government, if the negotiation of an FTA is agreed to during the visit of the Chinese President to Costa Rica on 17 November.

"An agreement of this type can be completed in 8 - 10 rounds. If we begin early next year, we can finish it by...."

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Three years after being signed, the Colombian Constitutional Court has approved the bilateral agreement that liberalizes 75% of industrial products over terms of 5 to 15 years.

This was the last institutional step needed to for the FTA between Costa Rica and Colombia, as the Central American country had completed all the necessary procedures, leaving only formal communication from Colombia to Costa Rica remaining, so that the agreement will go into force 60 days later.

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On September 20 the trade agreement will be signed in Panama City after it has been ratified by the respective legislatures.

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Guatemalan Businesses Want Agreement with Ecuador

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Costa Rica to negotiate FTA with Singapore

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On Tuesday, Costa Rican President Oscar Arias and his counterpart, President Sellapan Rama Nathan of Singapore agreed to start the process, during a visit the Asian country.

An agreement with Singapore has been rumored for some months now, ever since the Minister of Foreign Trade (Comex), Marco Vinicio Ruiz, spoke of the possibility. However no government official had spoken of this formally.

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