After the Legislative Assembly ratified the country's accession to the Organization for Economic Cooperation and Development, the business sector is of the opinion that this will help consolidate the institutional reforms needed to make the State more efficient.
The Assembly informed that by approving in the second debate the bill 22.187, which contains the agreement on the terms of accession, the deputies gave the green light to Costa Rica's accession to the Organization for Economic Cooperation and Development (OECD).
After 5 years of managing the admission to the Organization for Economic Cooperation and Development, the Council of the organization agreed to formally extend the invitation to the Central American country to become the 38th member.
The incorporation will allow the country to participate in more than 300 committees and groups to decide on equal terms in the development of innovative solutions to common challenges, such as the emergency in the face of COVID-19, issues associated with climate change and the fourth industrial revolution, among others, reported the Costa Rican presidency.
After the country has completed the 22 required assessments called for in the roadmap, in the coming months the organization's Council should take the decision to invite the country to formally become a member.
The Organization for Economic Cooperation and Development (OECD) issued its formal opinion favorable to the work that the country has been doing to address the recommendations provided by this committee since 2016, in areas such as macroeconomic and fiscal stability, inclusive economic growth, increased productivity and promotion of competition, among others.
The two countries signed an action plan to determine the steps to be taken to achieve a Mutual Recognition Agreement for their Authorized Economic Operators and to facilitate international trade operations.
Once the Mutual Recognition Agreement is signed, the companies that are part of the Authorized Economic Operators Program in Costa Rica will obtain more agile conditions, facilitation of international trade operations, application of best practices in security standards, use of information, and control of traceability, informed the Costa Rican government.
The Cortizo administration is preparing a bill to create the Integrated Control System at the border with Costa Rica, with the aim of simplifying the transit of people, vehicles and goods between the two countries.
The Ministry of Foreign Affairs of Panama reported that Alejandro Ferrer, head of the institution, with the support of the Director of the Customs Authority of Panama, Tayra Barsallo, presented to the Cabinet Council, the draft law approving the framework agreement to implement integrated binational control systems at the border crossings between Panama and Costa Rica (Paso Canoa, Rio Sereno and Sixaola).
The signed association agreement "guarantees Central American countries that with the departure of the United Kingdom from the European Union, there will be no legal vacuum and trade relations with that country will be interrupted and tariff preferences will be maintained, with all legal guarantees for Central American exporters to the United Kingdom."
The government of Guatemala informed that Julio Dougherty, Vice-Minister of Integration and Foreign Trade, together with the Ministers of Economy and Foreign Trade of Central America and the United Kingdom Ambassador in Costa Rica, Ross Denny, signed in Managua the document that establishes the Association Agreement that constitutes the mechanism to attend the preferential commercial relations regulated with the United Kingdom through the Association Agreement between Central America (CA) and the European Union (AACUE), on the occasion of BREXIT.
The Solis administration has concluded negotiations on the Agreement for the Promotion and Reciprocal Protection of Investments with the United Arab Emirates.
From a statement issued by the Government of Costa Rica:
Dubai, September 26, 2017. During a third round of negotiations, a team from the Foreign Trade Ministry, led by Vice Minister Jhon Fonseca, concluded negotiations on a Reciprocal Investment Promotion and Protection Agreement (APPRI) with the United Arab Emirates (UAE).
The vagueness of the Solis administration regarding the integration of Costa Rica into the Pacific Alliance has provoked negative reactions from business associations.
EDITORIAL
The country's entry into the Commercial alliance composed of Chile, Colombia, Mexico and Peru would represent a very important change for the economy of Costa Rica, a change that sectors producing goods and services would have to integrate into their strategic plans, which is why they need clear signals regarding what will happen.
As the region gets ready to start complying with the US law FATCA, OECD countries are already working on a Single Global Standard for automatic exchange of information.
FATCA could now be joined by the European OECD countries Single Global Standard for Automatic Clearing of CRS Information (Gatca), "... allowing tax information on their residents to be shared between them."
The South Korean government has proposed to Central American countries that they resume negotiations to sign a free trade agreement.
During a meeting between officials of the Ministry of Foreign Trade of Costa Rica and the deputy minister, Moon Jaedo, of the Ministry of Commerce, Industry and Energy (Motie) of South Korea, it was requested "... that the Central American countries evaluate opening up a process of negotiation for a free trade agreement. "
The governments of both countries signed an Open Skies agreement which allows designated airlines to fly between the two countries.
From a statement issued by the Ministry of Public Works and Transport:
The Minister of Public Works and Transportation, Carlos Segnini and his counterpart from Singapore, Lui Tuck Yew, signed a memorandum of understanding which will allow for, in the short term, a formal open skies agreement between the two countries.
The Solis administration has signed a memorandum of understanding with the Chinese government to begin studying the feasibility of setting up a special economic zone in Costa Rica for enterprises from China.
As part of the agreement signed between the two governments, feasibility studies will be started along with defining where the zone will be sited.
Central American countries need to implement a series of improvements in customs procedures in order to meet the requirements of the agreement for the facilitation of international trade.
Within two years, as part of the commitments made in the 2001 Doha Round of the Bali Agreement, signed in 2013 by 160 nations belonging to the World Trade Organization (WTO), including Central America, governments will have to harmonize their customs systems ensuring trade facilitation. However, to date institutional progress on issues established by the Agreement such as simplification, harmonization and automation of procedures for international trade have not happened, particularly in relation to the requirements and formalities for import, export and transit of border freight.
Cargill and Copersucar are to create a new company to jointly market sugar globally.
From a press release issued by Cargill:
"Copersucar and Cargill announced an agreement to combine their global sugar trading activities into a new company which will have as its goal the generation, marketing and operation of crude and white sugar. The joint venture, in which both Cargill and Copersucar possess a 50% stake each, will have global presence. "
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