UAE and Costa Rican Presidents witness signing of UAE-Costa Rica Comprehensive Economic Partnership Agreement

20240418 uae costa rica cepa
Presidents of UAE, Costa Rica witness signing of CEPA.
Image Credit: UAE Presidential Court

Abu Dhabi: President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Excellency 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.

The agreement, which was signed by Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Manuel Tovar, Minister of Foreign Trade of Costa Rica, heralds a new era of bilateral cooperation between the two countries. It will also enhance trade flows, increase private-sector collaboration, and provide new opportunities for investment, particularly in priority sectors such as logistics, energy, aviation, tourism, and infrastructure development.

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It is the latest agreement to be signed under the UAE’s new foreign trade agenda, which seeks to expand the nation’s network of trade partners around the world, establish new markets for exports, and further secure the UAE’s status as a trade facilitator and global gateway for goods and services.

Sheikh Mohamed bin Zayed Al Nahyan welcomed the agreement as a new chapter in UAE-Costa Rican economic relations, which saw non-oil trade exceed US$ 65 million in 2023, a 7 percent increase over 2022 and 31 percent over 2021. Sheikh Mohamed also highlighted the importance of trade to international cooperation, particularly in the pursuit of secure, resilient supply chains and solutions to pressing global issues such as climate change and food security.

Sheikh Mohamed remarked that the UAE is committed to the establishment of strategic partnerships with nations that prioritise forward-thinking economic development for the betterment of the global population.

The UAE-Costa Rica Comprehensive Economic Partnership Agreement, Sheikh Mohamed noted, exemplifies this vision by deepening ties and fostering collaboration with a nation that, like the UAE, places innovation, sustainability, and diversification at the forefront of its economic roadmap.

Upon implementation, Sheikh Mohamed continued, the UAE anticipates that the UAE-Costa Rica CEPA will catalyse trade and investment into priority sectors, propelling both nations towards shared economic success and prosperity for their respective businesses and peoples.

For his part, Rodrigo Chaves Robles said, “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.”