In what can only be described as a game-changing play in the arena of international trade, Costa Rica and the United Arab Emirates (UAE) have taken a bold leap forward with the Comprehensive Economic Partnership Agreement (CEPA). This pioneering agreement marks Costa Rica’s debut into the Middle Eastern market, opening up a corridor of endless possibilities for trade and collaboration. Manuel Tovar, Costa Rica’s Minister of Foreign Trade, couldn’t contain his excitement when discussing the groundbreaking deal with the Emirates News Agency (WAM), emphasizing the UAE’s pivotal role as a global trade nexus and regional powerhouse.
From Negotiations to Action: The CEPA Comes to Life
After wrapping up negotiations in January, the CEPA is primed to revolutionize trade dynamics between the two nations. By slashing tariffs, smoothing out trade wrinkles, fostering private-sector teamwork, and paving the roads for investment, this agreement is more than just paperwork—it’s a blueprint for mutual prosperity.
A Surge in Trade: Doubling Down on Success
Trade between the UAE and Costa Rica has been on an upward trajectory, boasting a 23% spike in 2022, catapulting the trade volume to a robust US$60.4 million. This figure not only showcases the burgeoning economic ties but also signals a more than twofold increase from the figures recorded in 2018.
Complementary Economies: A Perfect Pair
Tovar, speaking on the sidelines of the World Trade Organisation’s (WTO) 13th Ministerial Meeting (MC13) in Abu Dhabi, spotlighted the symbiotic economic relationship between the two countries. With a keen eye on sectors like food security, renewable energy, and infrastructure, the potential for collaborative success seems limitless. The UAE’s appetite for food products meets its match in Costa Rica’s agricultural prowess, opening avenues for trade that go beyond mere transactions.
Investing in the Future: A Renewable Energy Romance
The allure of Costa Rica’s renewable energy sector has not gone unnoticed by the UAE, with talks of investment electrifying the air. Tovar highlighted Costa Rica’s impressive feat of powering 99% of its grid with renewable sources, painting a picture of a sustainable future that both countries aspire to.
Leading the Charge: The UAE’s Role at the WTO Conference
The UAE’s stewardship of the WTO Ministerial (MC13) under the leadership of Dr. Thani bin Ahmed Al Zeyoudi earned high praise from Tovar. The successful organization of the conference underscored the UAE’s commitment to shaping a cohesive trade policy framework that reflects the dynamic needs of the global economy.
A Vision for the WTO: Embracing Change and Inclusivity
As staunch proponents of the WTO, Costa Rica champions reforms that ensure the organization remains the linchpin of global trade. From supporting e-commerce tariff moratoriums to advocating for dispute settlement system reforms, Costa Rica’s stance is clear: the WTO must evolve to stay relevant and responsive.
The Abu Dhabi Declaration: A Consensus on Trade and Development
MC13 culminated in the Abu Dhabi Declaration, a testament to the collective resolve to navigate the complexities of global trade. Hosted in the UAE, the conference not only set the stage for pivotal discussions but also welcomed new members into the WTO fold, reinforcing the notion that trade is a universal language spoken across the globe.
In a world often divided by boundaries, the CEPA between Costa Rica and the UAE stands as a beacon of international cooperation and shared ambition. As these two nations embark on this exciting journey, the global market watches eagerly, anticipating the fruits of this historic partnership.
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