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 benefits to the country's competitiveness are to be found exactly in the requirements demanded of the public policies needed to join the OECD.
Representatives from the Costa Rican Chamber of the Food Industry argue that the eventual accession to the Organization for Economic Cooperation and Development (OECD) is an opportunity for improving "... key aspects of competitiveness for Costa Rica."
The inclination of Latin American governments when deciding which commercial block to join, is clearly marked by their ideological distinctions.
Editorial
While describing the launch of the Pacific Alliance as a "successful exercise in media diplomacy" in an analysis of the issue in his article in Lanacion.com.ar, Alejandro Rebossio highlights the features of this block and those of Mercosur, noting that in just one year of existence, the Pacific countries have achieved more in institutional and commercial integration, than the Atlantic block.
While Obama's visit was mainly symbolic and dealt with long-term issues, the visit by Xi Jinping focussed on specific projects such as the $400 million for the route to Limon.
"In the evaluation of the visit by the Chinese President Xi Jinping to Costa Rica, the cooperation provided by the Asian president and the possibility of strengthening trade and diplomatic relations, there were many positive aspects.
The aim of the Agreement is to exchange information between the two countries for the administration and enforcement of tax laws.
From a press release by the Ministry of Foreign Affairs of Costa Rica:
Costa Rica and Ecuador have signed an Agreement on the Exchange of Information in Tax Matters, with which the country moves forward in its fulfilment of the commitments made in 2009 with the Organization for Economic Cooperation and Development (OECD).
The visit by Chinese President Xi Jinping resulted in concrete facts that indicate the interest of Asian country for Central America, and consolidate Costa Rica as their bridgehead to the region.
Elfinancierocr.com has reported on the most relevant of these acts, the signing of a $400 million loan at a very low interest rate, to finance the expansion of a major road linking the capital of Costa Rica with the main port of the country.
The president of South Korea expressed his intention of negotiating a Free Trade Agreement with the Costa Rica - Panama block.
This announcement was made by Costa Rican president Laura Chinchilla, after holding a meeting with Lee Myung-bak, president of South Korea.
Nacion.com reported that “the president explained her Asian counterpart that in other occasions, the country started FTA negotiation processes to which other nations joined later”.
A meeting between the Central America Integration Secretary (SICA) and the Republic of Korea concluded with important agreements in regional cooperation, economy and security.
The Central American nations expressed their concern for the serious crime situation experienced in the region, and invited Korea to support the International Conference for Central America’s Security Strategy, planned for next year.
The European Union has requested Central America to resume negotiations for an Association Agreement.
While gathering at Brussels, EU's foreign relationships ministers remarked the council's intention of concluding the negotiation process for an association agreement with Central America.
"When the negotiations where suspended, both parts were confident on closing them soon, as over 90% of the agreement's text had already been accepted, with the exception of some commercial issues", reported Elmundo.es.
Both countries seek to improve bilateral relationships with this agreement, which comprises trade and cooperation topics.
The presidents of both countries are expected to sign it in Oscar Arias' official visit to Panama.
"Before the presidential encounter, chancellors from the two countries will preside the III Meeting of the Political Consultation Mechanism, in order to review political, commercial, cooperation, customs and transportation issues", reported Univision.com.
The countries signed an Strategic Association Agreement to expand the current FTA and create dialogue and cooperation mechanisms.
Mexican president Felipe Calderón "assured in a press conference that this agreement will not only increase bilateral commerce, but also 'enable closer dialogue in topics of mutual interest and deepen the economic relationship and the educational, technical and touristic links'", reported Prensalibre.cr
The acceptance of both countries in the energy cooperation agreement would be on the agenda of the upcoming Petrocaribe summit.
This was announced by the chairman of Energy and Mines of the National Assembly of Venezuela, Angel Rodríguez.
According to Nacion.com, the official said regarding Costa Rica’s membership: "There is talk of a minimum of 20 thousand barrels per day, representing an increase of 2 thousand barrels with respect to what it is currently purchasing. Additionally, we are exploring the use of potential energy sources in this Central American territory."
The agreement is looking to expand the FTA between the two countries, widening the relationship in the political and cooperation fields.
Billateral commerce rose 1400% since the signing in 1994 of the FTA between both countries. Now, the intention is to strengthen the relationshipt with strategic agreements in environment and coordinated action in multilateral bodies such as the United Nations Security Council.
Florida Ice & Farm, Tilapia del Sol, Fideos Precocidos de CR, Solarium and Cadexco signed agreements for trade and cooperation.
The negotiations were completed at an encounter of business men from both countries on Monday, within the framework of the official visit of the President of People's Republic of China, Hu Jintao. They also emphasized that the free trade agreement with China should be completed quickly.