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.
Dubai Health Authority celebrates the 52nd UAE Union Day
The Dubai Health Authority (DHA) celebrated the 52nd UAE Union Day, with officials expressing their pride at the country’s remarkable...
Dubai Culture Awards Winners in 2nd Dubai Festival for Youth Music
Dubai Culture and Arts Authority (Dubai Culture) announced the winners of the Dubai Festival for Youth Music during the conclusion...
Experience the first snowing street in Dubai this December
Embark on a Winter Wonderland Journey! Dubai’s Raining Street is temporarily transforming into Dubai’s first Snowing Street at Cote d’Azur...
Nissan Middle East elevates ownership experiences with six-month manufacturer-backed warranty on Genuine Parts
Nissan solidifies its commitment to customer satisfaction and quality, by announcing a six-month manufacturer-backed warranty on all genuine parts sold...
Ajman Bank collaborates with Mastercard to introduce cross-border payment services
Ajman Bank has initiated a strategic partnership with Mastercard to launch cross-border payment services for person-to-person (P2P) fund transfers through...
Azizi Developments renews its partnership with US-based Cummins Inc. for another six buildings in Riviera
Azizi Developments, a leading private developer in the UAE, has renewed its partnership with the American global leader in the...
Fever Celebrates UAE National Day with a Free Candlelight Concert at the Founder’s Memorial in Abu Dhabi
After having delighted audiences worldwide, Candlelight international concert series created by Fever is set to enchant Abu Dhabi once more....
eToro recognises Abu Dhabi as a rising fintech hub, receives approval from ADGM to operate in the UAE
Abu Dhabi Financial Markets Authority (ADGM), the international financial centre in the capital of the United Arab Emirates, and eToro,...
Five-Time Grammy Award-Winning Jazz Fusion Ensemble, Snarky Puppy, Set to Captivate Dubai.
Brace yourselves, music aficionados! Renowned for their genre-blurring sound, Snarky Puppy has earned a stellar reputation for pushing the boundaries...
Slow and Saucy: Heinz® unveils the Slowmaster 57 – The world’s first ketchup racetrack where speed takes a backseat and true quality finishes last!
As the world’s fastest cars speed around the Yas Marina Circuit at over 200mph for the finale of the F1...
Shania twain brings show-stopping country-pop performance to abhu dhabi grand prix
Global icon Shania Twain has wrapped up the third day of the Yasalam After-Race Concerts presented by e& at the...
Burjeel Holdings Launches Advanced Day Surgery Center in Abu Dhabi’s Al Shahama
As part of its efforts to enhancing access to healthcare services and meeting the community’s evolving needs, Burjeel Holdings launched...
Sharjah Old Cars Club marks UAE’s 52nd National Day with Route 71 rally
The Sharjah Old Cars Club is all set for an adrenaline-fueled extravaganza marking the UAE’s 52nd National Day celebrations with...
MOTIONGATE™ Dubai celebrates the Smurfs 65th anniversary with live entertainment, meet & greets and more!
MOTIONGATE™ Dubai, the region’s largest Hollywood-inspired theme park is rolling out the blue carpet to celebrate the all-blue Smurfs 65th...
Stride Ventures Makes History: First Indian Homegrown fund manager to receive IPA from FSRA (Abu Dhabi Global Market) for CAT 3C License, Paving the Way for Global Expansion
Stride Ventures, a venture debt fund renowned for supporting pioneering startups and high-growth companies, unveils its latest milestone by securing...
- Events & Happenings6 days ago
Upgrade your Abu Dhabi GP tickets to golden circle and enjoy the Yasalam after-race concerts presented by e& IN style
- Events & Happenings1 week ago
Emirates Post Launches Postal Portraits Photography Competition
- Government1 week ago
Dubai Municipality launches comprehensive safety campaign for construction sites across Emirate
- Art & Culture1 week ago
amana celebrates Great Place to Work Certification®, reinforcing its commitment to cultivating an exceptional workplace culture
- Events & Happenings1 week ago
2023 MOTN Festival Lands in New Al Dhafra Location for Five Days of Family Fun This Month
- Gadgets & Technology1 week ago
Celebrate world TV day with LG’s flagship OLED EVO series
- Business & Money6 days ago
National Bonds: 64% of Employees under 30 Maintain Emergency Fund of almost 40K AED
- News1 week ago
Carnegie Mellon Qatar honors 175 students for academic excellence