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Trade News

Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Costa Rica Seeks to Strengthen Free Trade Agreement With Canada

Monday, October 27, 2014 > 10:47:05
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(Costa Rica News)

Beginning Monday, October 27, representatives from the Costa Rican government will commence negotiations with Canadian investors to strengthen ties with the northern market.

The President of the Republic, Luis Guillermo Solís, will also participate in the Toronto Global Forum that will bring together over 400 entrepreneurs and investors from Canada and the United States, from October 26 to 28.

According to Solis, this tour aims to create opportunities for employment generation.

“My government is taking decisive action to generate decent jobs, as it is a direct foreign investment. The meeting with the business allows us to position Canada as a country that has highly qualified staff and is internationally competitive,” said the president.

The official delegation consists of the Minister of Foreign Trade, Alexander Mora; Minister of Foreign Affairs, Manuel Gonzalez and CINDE’s Director General, Jorge Sequeira, accompanied by representatives of the Union of Chambers and Associations of Corporate Sector Privadao (UCCAEP), Victor Ruiz, Claudio Volio and Jack Liberman.

For Alexander Mora, Minister of Foreign Trade, Canada is a destination with great potential for Costa Rica.

“We have a relationship as a country, with great potential for growth in the field of trade and investment. In the last five years, Canadian investment in the Costa Rica totaled $173 million,” said Mora.

According to the Costa Rican Coalition for Development Initiatives (CINDE) the country is attractive to Canadian investors for sectors such as clean technology industries, pharmaceutical, aerospace, agribusiness, corporate services and light manufacturing.

Strengthening trade

According to data from the Foreign Trade Promoter (Procomer), Costa Rica’s exports to Canada in 2013 reached $80 million primarily from medical supplies, sugar, electrical cables, tires, and coffee.

Moreover imports from Costa Rica are focused mainly on wheat, electronics, frozen potatoes, and fertilizers, among others.

Canadian companies invested in the country focus on sectors such as tourism, banking, and waste management. Between 2003 and 2013, Costa Rica received $763 million from Canadian companies.

On November 7, 2002, the two countries launched a Free Trade Agreement, which was the first agreement in place with North America for Costa Rica.


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