The tariff reduction proposal presented by the EU within the framework of the negotiations for the Agreement of Association does not satisfy Central American
Nacion.com reports: "The Costa Rican Minister of Foreign Trade, Marco Vinicio Ruiz, did not provide details on the European proposal as they are still in negotiations and the Isthmus has to respond this week.
Starting January 1, the tariff benefits agreed to in the FTA that came into effect in November will be applied to products from both countries.
Reports from nacion.com say "that according to the Minister of Foreign Trade in Costa Rica, Marco Vinicio Ruiz, this was agreed to in the internal rules of the trade agreement.
Cereals, snack, chewing gum, pasta, jellies and jams will go from paying a 15% duty to being tariff free.
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.
The Minister of Foreign Trade is ready to negotiate an FTA with China as of the first quarter of 2009.
The Presidents of both countries will make the decision to negotiate the agreement when they meet next Monday in San Jose.
The Foreign Trade Minister, Marco Vinicio Ruiz, told the press on Monday during a seminar that "the Ministry has sufficient arguments on the need to negotiate an FTA with China and they're all positive"
90% of Costa Rican exports during the last 12 months were for non-traditional products.
While the total export of goods to foreign markets grew only 5.5%, the export of non-traditional goods - such as services - increased by 20.5%, according to data for national sales to the exterior from September 2007 to 2008.
"It is very important for the country to maintain support for the productive sector, especially small and medium sized companies; they are a fundamental part of the export sector that is called to keep the country out of the international crisis," said Marco Vinicio Ruiz, Minister of Foreign Trade.
Costa Rica is looking to hold trade negotiations in the future with Peru and Colombia, Trade Minister Marco Vinicio Ruiz said. But first the United States will have to ratify its free trade accord with Colombia, he added.
Once trade agreements are in place between the US and Peru and Colombia, Costa Rica will seek to benefit from common rules of origin.
Costa Rican President Oscar Arias Sánchez and Foreign Trade Minister Marco Vincio Ruíz today inaugurated the new free trade zone of the east. Three multinational firms are already taking part: Teletech, TechDada and Countrywide Financial. They employ a total of 1,340 workers.
"Just last year we received 1.885 million dollars from this kind of investment," said Arias. "We have done this to deepen the productive diversification process."