In the context of the 10th World Free Zones Congress on September 23rd to 25th, 2024, at Madinat Jumeirah, in Dubai-UAE; Minister of Foreign Trade of Costa Rica Manuel Tovar meet with Colleague Dr. Thani Al Zeyoudi, to review the progress in the ratification of the trade treaty between Costa Rica and UAE and its imminent implementation for mutual benefit.
The Genesis of CEPA: A Shared Vision
In March 2023, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar Rivera, Minister of Foreign Trade of Costa Rica, signed a joint statement to launch preliminary talks for a Comprehensive Economic Partnership Agreement (CEPA) between their nations1. This agreement marked the beginning of a new era of economic collaboration, transcending geographical boundaries.
- Building Bridges: The Importance of CEPA
The CEPA aims to create a robust platform for enhancing trade ties and investment opportunities between the UAE and Costa Rica. Here are some key aspects:
- Trade Growth: Non-oil trade between the two countries reached USD 58.7 million in 2022, with a remarkable 19% year-on-year growth. This underscores the increasing economic interdependence and the potential for further expansion1.
- Strategic Partnership: Costa Rica holds a special place as a key strategic partner for the UAE in the Central American region. The CEPA reflects the shared aspirations of both governments to promote bilateral economic relations, facilitate market access, and encourage joint investments in priority sectors1.
- Diversification: Manuel Tovar Rivera rightly emphasized that the establishment of the CEPA would diversify Costa Rica’s global trade and investment partnerships. Notably, this agreement represents Costa Rica’s first free trade agreement with a Middle Eastern country, elevating its prominence as a Latin American partner to the UAE1.
- Beyond Borders: Multilateral Trade and Plurilateral Agreements
During your recent meeting, discussions extended beyond the CEPA itself. Strengthening the multilateral trade system and advancing plurilateral agreements were on the agenda. These include areas like Fisheries II, investment facilitation, and e-commerce. Such forward-looking initiatives demonstrate the commitment of both nations to global economic cooperation and sustainable development1.
- Manuel Tovar Rivera: A Catalyst for Economic Progress
Manuel Tovar Rivera’s role in shaping this partnership cannot be overstated. As Costa Rica’s Minister of Foreign Trade, he championed the CEPA negotiations, recognizing the potential for mutual benefit. His vision aligns with creating economic and social advantages for both countries, fostering prosperity and growth.
In conclusion, the UAE-Costa Rica CEPA transcends mere trade figures; it symbolizes collaboration, friendship, and shared aspirations. As we eagerly await the implementation of this agreement, let’s celebrate the diplomats, like Manuel Tovar Rivera, who work tirelessly to build bridges across continents.
