Costa Rican Trade Minister L"Wham": The UAE is a reliable partner and trade gateway to the Middle East and Gulf countries
San Jose – Costa Rica, April 18 / WAM / His Excellency Manuel Tovar, Minister of Foreign Trade of the Republic of Costa Rica, said that the UAE is a reliable partner and the trade gateway to the Middle East and the Gulf countries.
He added in a statement to the Emirates News Agency, WAM, on the sidelines of the signing of the Comprehensive Economic Partnership Agreement between the UAE and his country, that the agreement launches a new era to advance trade and investment relations between the two friendly countries, which have a long-term partnership, in a way that contributes to opening broader horizons for the two countries’ exports and providing an ideal environment. For investment and trade partnerships between the two business communities, which enhances the sustainability of economic growth.
His Excellency stressed the strengthening and advancement of the economic partnership with the UAE to broader horizons, adding that the UAE enjoys strategic economic weight because it is a country of great importance not only at the regional level but also at the level of international markets.
He stated that the UAE has already succeeded in diversifying and transforming its economy from oil trade to non-oil trade, and its economy has become developed and flexible, especially in services trade, which represents one of the areas that the two countries want to highlight and enhance through the Comprehensive Economic Partnership Agreement that was signed.
Manuel Tovar said: “There are many vital sectors of common interest, including renewable energy, as we aim to reach more than 90% of our country’s electricity needs from environmentally friendly energy sources. Potential areas of cooperation and investment were discussed in this sector, which holds important opportunities for my society.” Business in the two friendly countries.
He explained that the areas of cooperation between the two countries also include the agricultural and food manufacturing sector, especially increasing his country’s exports of apples, coffee, and many other agricultural crops and products, in addition to fresh and manufactured products, stressing the possibility of increasing tourism between the two countries, and pointing out that the UAE is a wonderful country that has many ingredients. Various tourism.
He continued: “We also discussed the mechanism of increasing air traffic between our two countries, not only in the field of shipping or fresh products, but also in the field of tourism in both directions, which provides many commercial and investment opportunities for private sector companies and enhances their role in advancing economic cooperation paths between the two countries.” Pointing to the possibility of developing cooperation in the field of reducing carbon emissions and establishing companies specialized in this field.
The Minister of Foreign Trade of Costa Rica said: “Through the Comprehensive Economic Partnership Agreement, we are working to increase trade activity and enhance its dynamism. This partnership enhances the access of the products and services of the two countries to many new markets, especially the United States of America and the rest of Central American countries.”
Tovar said: “We are fortunate to expand our presence in the Middle East, especially in the Gulf countries, through the UAE, a true and reliable friend with whom we have common visions, and we must work to strengthen our economic agenda through bilateral integration.”
It is worth noting that services contribute to Costa Rica’s gross domestic product by 66.9%, and that this country is a regional leader in the field of clean energy. Hydroelectric power is the main source of energy, which provides a great scope for investment.
After entering into force, the Comprehensive Economic Partnership Agreement between the UAE and Costa Rica will work to cancel or reduce customs duties, reduce barriers to trade, enhance cooperation with the private sector, and create common paths for investment.
Non-oil trade between the UAE and Costa Rica witnessed continuous growth on an annual basis, rising by 23% in 2022 to reach $60.4 million, which is more than double the value recorded in 2018.
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