Connect with us

Manufacturing & Industry

UAE and Costa Rica launch preliminary CEPA negotiations

Non-oil trade between the two countries reached USD 58.7 million in 2022 with a 19 per cent year-on-year growth

Published

on

preliminary CEPA

His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and His Excellency Manuel Tovar Rivera, Minister of Foreign Trade of the Republic of Costa Rica, signed a joint statement marking the launch of preliminary talks to establish a comprehensive economic partnership agreement (CEPA) between the two countries. The signing took pace during the visit of a high-level Costa Rican delegation to the Ministry of Economy’s headquarters in Dubai.

H.E. Al Zeyoudi said: “Today, through the launch of preliminary CEPA negotiations, we have laid the foundations for building a significant and influential platform to future-proof UAE-Costa Rica economic and trade relations. This agreement will contribute to establishing a new era of investment and trade in various fields, thereby supporting the sustainable economic development of both our nations and benefitting regional and global economies.”

He added: “Costa Rica is a key strategic partner of the UAE in the Central American region. The launch of preliminary CEPA negotiations reflects the two governments’ shared aspirations to promote bilateral economic relations, boost investment and trade exchanges, expedite the flow of goods, facilitate market access and create new joint investments and projects in priority sectors.”

“The trade and investment exchanges between the two countries continue to grow as the non-oil trade reached AED 216 million (USD 58.7 million) in 2022 with a 19 per cent growth compared to that of 2021,” H.E. added. The UAE’s investments in Costa Rica span sectors such as IT, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.

H.E. Al Zeyoudi emphasized that the UAE is keen to expand its network of trade partners and strengthen existing ties with them. H.E. added that the UAE will continue its efforts to build partnerships with strategic global markets under the country’s comprehensive economic partnerships program. This is in line with the ‘We the UAE vision 2031’ that aims to double the national economy from AED 1.49 trillion to AED 3 trillion, increase national non-oil exports to AED 800 billion, and raise the value of the UAE’s foreign trade to AED 4 trillion by the year 2031.

Meanwhile, Manuel Tovar Rivera, Minister of Foreign Trade for Costa Rica, said: “Costa Rica is also pursuing an ambitious agenda to expand and diversify our global trade and investment partnerships. The establishment of a CEPA with the UAE will be the beginning of a new era of mutually beneficial relations. This will be our first free trade agreement with a country in the Middle East and Costa Rica will continue to rise in prominence as a key Latin American partner to the UAE. The creation of new trade and investment opportunities will also bring economic and social benefits for the people of both countries.”

The comprehensive economic partnerships program was launched by the UAE government in September 2021 with the aim of expanding the trade and investment partnership with a number of strategic global markets, increase the size of trade exchanges, and enhance growth opportunities for the national exports. Through this program, the UAE has signed four agreements so far – with India, Israel, Indonesia, and Turkey – and the upcoming period will see the signing of more agreements with other countries. As a result of these efforts, the UAE’s non-oil foreign trade achieved an unprecedented growth and crossed the AED 2 trillion mark for the first time in history in 2022, up 17 per cent from 2021.

Advertisement

Latest

Industry5 hours ago

“And Just Like That” Season 2 Drops Exclusively on OSN+ on 22 June

OSN, the region’s leading TV entertainment company for premium, must-see content, is excited to announce the highly anticipated return of...

Developments5 hours ago

Dubai south properties appoints GINCO general contracting to develop south Bay

Dubai South Properties announced the appointment of Ginco General Contracting for a significant contract valued at AED 1 billion for...

Gadgets & Technology6 hours ago

Mindware Partners with OneSpan to Help Protect MEA Organizations from Digital Fraud

Mindware, a leading value-added distributor (VAD) in the Middle East and Africa, announced today its partnership with OneSpan, the digital...

Events & Happenings6 hours ago

Candlelight Concert Series presents Rings & Dragons in Dubai

Fever brings the multi-sensory musical experience to awe-inspiring locations like never seen before

Events & Happenings6 hours ago

Saudi Arabia to display interactive design installation “Woven” at London Design Biennale 2023

The Architecture and Design Commission announces the participation of the Kingdom of Saudi Arabia in the fourth edition of the...

Business & Money1 day ago

Bodour Al Qasimi appoints Mariam Al-Obaidli as Managing Director of Kalimat Group

Publishing industry expert to drive innovation and enrichment of Arabic library with group's exceptional publications

Information & Technology2 days ago

HE Al Zeyoudi meets delegation from Mexico to enhance cooperation in fields of trade, investment, agriculture, advanced technology and financial services

His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has welcomed a delegation of senior...

Events & Happenings2 days ago

42 Abu Dhabi Hosts its Second Chess Tournament with the Participation of World-Renowned Champions

42 Abu Dhabi, the UAE capital’s innovative and disruptive coding school that provides a unique peer-to-peer, gamified learning methodology, hosted...

Events & Happenings2 days ago

Dubai’s summer ‘KIDS-GO-FREE’ campaign kicks off with an exclusive meet & greet with A-LIST KID-FLUENCERS at motiongate

Dubai’s summer just got a lot cooler! Get ready to experience the magic of MOTIONGATE™ Dubai and Dubai’s incredible attractions...

Business & Money2 days ago

MeetChina returns to Abu Dhabi for 10th edition

With China’s reopening gaining momentum and global destinations eager for Chinese visitors to return, MeetChina offers the ideal platform for...

Business & Money2 days ago

Lumina Capital Advisers appointed as a registered provider to UK Government’s DBT Overseas Referral Network

Lumina Capital Advisers, a leading corporate finance advisory firm, has been appointed by the UK government’s Department for Business and...

Energy & Environment3 days ago

HE Al Zeyoudi Addresses US GreenTech Delegation in Dubai, Invites Private-Sector to Invest in Clean Energy Transition

His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, addressed a US-led GreenTech delegation to...

Events & Happenings3 days ago

Abu Dhabi Festival Co-production of ‘Eden’ World Tour Continues to Captivate Audiences Worldwide

The Abu Dhabi Festival co-production of Grammy-winning mezzo-soprano Joyce DiDonato’s ‘Eden,’ which seeks to restore humanity’s connection to the natural...

Education3 days ago

The Green Planet and GEMS Legacy School Join Forces to Raise Awareness on Plastic Pollution

In celebration of World Environment Day, The Green Planet – Dubai’s only indoor tropical rainforest – is partnering with GEMS...

Events & Happenings3 days ago

Soak up the sun and enjoy JUMEIRAH creekside hotel’s pool party at CU-BA rooftop

Jumeirah Creekside Hotel is thrilled to announce its latest offering, the exciting Pool Party at Cu-Ba. Overlooking Dubai Creek, the...

Advertisement

Trending