The trade agreement excludes oil, some dairy and meat products, waffles, beer, gum, certain plastics, paper, cardboard and the metalworking sectors.
The agreement, which will come into effect when it gains legislative approval in Colombia, provides free instant access to Costa Rica for cocoa beans, refined salt, medicines, raw materials for the plastics industry, paper and textiles and plywood doors.
A law would allow small and medium enterprises grouped in consortia to access markets that fail to capture individually.
Comisión de Hacendarios de la Asamblea has ruled on a bill that would allow small businesses to form consortiums for exports, business cooperation and origin.
From a press release from the Ministry of Economy, Industry and Commerce (MEIC):
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.
Employers are complaining that the cost of electricity is the factor which is pushing up production costs the most.
From a press release issued by the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP):
"The cost of electricity is the factor that is pushing up production costs for companies in Costa Rica the most. This was demonstrated in the first quarterly business survey 'Business Pulse', carried out by the Costa Rican Union of Chambers and Associations Private Business Sector (UCCAEP).
Complaints have been made that the bill awarding construction of the Caribbean route to a Chinese company was approved without preliminary drawings, calculation of materials and study of costs.
Grupo Consenso believes that it is "unacceptable" that the Committee on Financial Affairs agreed to accept as reasonable the cost presented by China Harbour Engineering Company (CHEC), in the amount of $465 million.
An opposition deputy claims that the financial offer made by China to widen the road to the Caribbean is overpriced by $165 million.
Manrique Oviedo, from the Citizen Action Party complained that the financial proposal for the extension of Route 32 is overpriced by $165 million relative to what it would actually takes to carry out the enlargement. The legislature requested that the Government renegotiate the loan granted by China for expanding the highway between San José and Limón.
A reform of the Development Banking System is stuck in Congress because of a possible tax on offshore banking.
The creation of a tax included in the bill to reform the Banking Development System is impeding its progress in the Costa Rican Congress. MEPs propose a tax of 15% on profits from offshore banking.
The Ministry of Finance projected that the new tax could generate revenues of $28 million annually for the National Development Trust (Finade). The Treasury chief, Edgar Ayales requested that if higher revenues than this are achieved, for the surplus to go to the state.
The Guild supports the review of the reform proposed by the Procurement General and warns that as formulated it involves risks for the development of works in the country.
From a statement issued by the Costa Rican Union of Chambers and Associations of Private Business Sector (UCCAEP):
UCCAEP supports a return to committee to reform the Civil Procedure Code
A year after first being proposed, and under different economic conditions, progress has been made on the adoption of the law to discourage "hot" capital.
From a press release issued by the Legislative Assembly of Costa Rica:
MPs voted in a first debate, to put a brake on the entry of speculative capital into the country, known as hot money, with an initiative submitted for discussion by the Executive.
While everyone waits for the trust to manage to complete its last administrative tasks, it has been revealed that the maximum interest rate to be charged for its loans will not be more than 6%.
The $40 million Coffee Trust which was approved by the Costa Rican Congress last year, and is awaiting final approval from the Comptroller's Office, will open four credit programs with maximum interest rates of 6%.
Fishermen are calling for attention from the national authorities over the recovery of the activity which is now mostly performed by foreign companies.
They are asking the next government to seek solutions to the difficulties they face by dealing with illegal fishing and promoting financing options, among other things.
From a press release by the Puntarenas Chamber of Fishermen:
Congress is analyzing a 15% tax on offshore banks and 5.5% for banks domiciled in the country with presence abroad.
The Costa Rican Congress is considering three options for taxing offshore banking in a bill to reform the development banking system. "One proposal is for a tax of 5.5%, another is to exempt from taxes these type of banks and a third is a gradual tax", reported Nacion.com.
A law has been approved to modernize sources of capital for mutuals, allowing the collection of third-party investments.
Until now far mutuals could only turn to the accumulation of profits in order to have capital formation.
The Act to modernize sources of capitalization for mutuals establishes that these entities may obtain financing through mutual participation fees, this mechanism will allow them to capture third-party resources who have no control over the mutuals, only economic rights.
The government will have to pay $35 million to the company OAS for breach of contract in the award of the construction of the road from San Ramon to San José.
The payment will be made in March 2014 with funding from the National Concessions Council and the budget allocated to that entity for the coming year, said Roberto Gallardo, Minister of Planning and member of the National Council of Concessions.
A legal action challenging the constitutionality of granting in concession of Moin Container Terminal argues that it should be approved by the Costa Rican Congress.
The Constitutional Court has dismissed the action against the General Law on Concession of Public Works and the contract for extending the design, construction and operation of the Moin Container Terminal (TCM by its initials in Spanish), presented by the Union of Workers at the Administrative Board for the Port and Economic Development of the Atlantic Coast (Sintrajap).