Costa Rica Trade Agreement

In the bilateral framework, Costa Rica has successfully negotiated free trade agreements with Mexico, Panama, the Dominican Republic, Chile, the Caribbean (CARICOM), the United States-Central America-Dominican Republic (DR-CAFTA) and the People`s Republic of China. In addition, Costa Rica has successfully concluded a free trade agreement with Singapore and an association agreement with the European Union with other Central American countries. These latest agreements have not yet entered into force. Dominican Republic – Free trade between Costa Rica and the Dominican Republic was created following the signing of one of Costa Rica`s former multi-country free trade agreements. As a result of the establishment of free trade relations between Costa Rica and the Dominican Republic, total merchandise trade between the two countries has increased by an average of 10.2% since 2002. CARICOM – The free trade agreement with CARICOM is part of Costa Rica`s free trade agreements that govern relations between itself and a group of countries. CARICOM consists of four nations (Trinity and Tobago, Barbados, Belize and Guyana). The agreement was signed in 2005. In the first three years of the agreement, trade increased by 36% (from $324 million to $440 million). [2] National Site Ministerio de Comercio Exterior (Comex) (This page is selected by the Costa Rican delegation) The United States remains Costa Rica`s largest trading partner and Costa Rica`s largest direct investor. In 2016, the United States had a trade surplus of $1.6 billion with Costa Rica.

Foreign direct investment in Costa Rica amounted to $2.85 billion in 2015. Nearly 53% of these investments came from the United States. Costa Rica ratified the Central American Free Trade Agreement (CAFTA-DR) with the United States in 2009. This free trade agreement immediately abolished most tariffs on non-agricultural imports and made trade and investment in the region more attractive to U.S. businesses. Costa Rica`s workforce is relatively well trained compared to other Central American countries.