Abu Dhabi: The UAE President Sheikh Mohamed bin Zayed Al Nahyan, and Rodrigo Chaves Robles, President of Costa Rica, have witnessed the signing of the UAE-Costa Rica Comprehensive Economic Partnership Agreement (CEPA) during a virtual ceremony.
A new chapter in the bilateral collaboration between the two nations is marked by the agreement signed by Manuel Tovar, the Minister of Foreign Trade of Costa Rica, and Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade of the United Arab Emirates. Additionally, it will improve trade relations, foster more private-sector cooperation, and open up new investment opportunities, especially in high-priority industries like infrastructure development, energy, tourism, aviation, and logistics.
It is the most recent deal to be inked under the UAE’s new foreign trade agenda, which aims to create new export markets, broaden the country’s network of trading partners globally, and strengthen the UAE’s position as a global hub and trade facilitator.
The agreement, which Sheikh Mohamed bin Zayed Al Nahyan hailed as a new chapter in the economic relations between the United Arab Emirates and Costa Rica, saw non-oil trade surpass US$ 65 million in 2023, a 7 percent rise over 2022 and a 31 percent increase over 2021. Additionally, Sheikh Mohamed bin Zayed Al Nahyan emphasized the value of trade for fostering international cooperation, particularly when it comes to establishing reliable and secure supply chains and finding answers to urgent global problems like food security and climate change.
Sheikh Mohamed bin Zayed Al Nahyan stated that the UAE is dedicated to forming strategic alliances with countries that place a high priority on progressive economic development for the benefit of the world’s populace.
As Sheikh Mohamed bin Zayed Al Nahyan pointed out, the UAE-Costa Rica Comprehensive Economic Partnership Agreement is a prime example of this ambition, strengthening connections and encouraging cooperation with a country that prioritizes innovation, sustainability, and diversity in its economic strategy, much like the UAE.
Sheikh Mohamed bin Zayed Al Nahyan went on to say that the UAE hopes the Costa Rica-UAE CEPA will spur investment and trade in key areas, bringing both countries closer to mutual economic success and prosperity for their respective peoples and enterprises.
Rodrigo Chaves Robles stated that, “I am delighted about the signing of the Comprehensive Economic Partnership Agreement between Costa Rica and the United Arab Emirates. This is the first agreement of its kind between Costa Rica and a country of the Middle East, aligning with our administration’s strategic objective of expanding into new markets. I firmly believe this economic partnership will unlock a myriad of trade and investment opportunities leading to increased prosperity for our people.”