The United Arab Emirates and Costa Rica recently inked a Comprehensive Economic Partnership Agreement (CEPA), marking a significant milestone in their efforts to strengthen bilateral trade and investment bonds.
Facilitated through a virtual ceremony, the accord garnered the presence of influential leaders, including UAE President Sheikh Mohamed bin Zayed Al Nahyan and Costa Rican President Rodrigo Chaves Robles. This landmark agreement signifies a pivotal shift towards heightened collaboration between the two nations, aiming to foster an era of mutual benefit and economic advancement.
The primary objective of the CEPA is to bolster trade exchanges and stimulate private-sector synergies, thus opening avenues for enhanced investment, particularly in strategic sectors such as logistics, energy, aviation, tourism, and infrastructure development. This pact serves as the latest testament to the UAE's proactive foreign trade strategy, aimed at broadening its global trade network, cultivating new export markets, and solidifying its position as a pivotal facilitator of international commerce.
President Al Nahyan expressed his enthusiasm for the CEPA, hailing it as a significant milestone in the economic partnership between the UAE and Costa Rica. Notably, the non-oil trade between the two nations surpassed $65 million in 2023, marking a notable increase from previous years. Anticipating a surge in trade and investment activities post-implementation, the UAE envisions the CEPA to serve as a catalyst for economic growth, propelling both countries towards shared prosperity and success.
President Chaves Robles underscored the historic nature of the agreement, highlighting it as Costa Rica's first of its kind with a Middle Eastern nation. He emphasized the alignment of this partnership with his administration's strategic objective of diversifying into new markets, expressing confidence in the manifold opportunities it would unlock for trade and investment. Both leaders echoed a shared commitment to leveraging this agreement to the benefit of their respective economies and citizens, foreseeing a bright future of increased prosperity and collaboration.
The UAE-Costa Rica CEPA symbolizes more than just a bilateral trade agreement; it represents a gateway to expanded economic horizons and a testament to the potential unleashed when nations come together in pursuit of shared growth and development.
