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4/23/24, 4:34 PM UAE, Costa Rica inaugurate new trade, investment era under CEPA - GulfToday
their wishes for further prosperity, progress and well-being to the leadership
and people of Costa Rica.

President Chaves and Al Zeyoudi affirmed that the agreement would
significantly enhance bilateral trade and mutual investments between the two
countries by eliminating tariffs, reducing trade barriers, promoting the exchange
of goods, capital, and ideas between their thriving economies, and encouraging
cooperation in the private sector.

The Comprehensive Economic Partnership Agreement (CEPA) between the
two countries is the latest step in the UAE’s foreign trade programme, launched
to increase the country’s non-oil foreign trade value to more than Dhs4 trillion
by 2031.

During the visit, Al Zeyoudi met with several ministers and senior government
officials to accelerate economic cooperation between the two countries. The
parties then celebrated the signing of the CEPA and its role in initiating a new
era in their relations.

During the Emirati delegation’s visit, Al Zeyoudi met with Manuel Tovar, Minister
of Foreign Trade of Costa Rica, lauding the growing non-oil trade between the
two friendly countries, which reached US$65 million in 2023.

The two sides highlighted promising prospects for expanding trade and
investment in mutually interesting sectors, such as renewable energy, tourism,
food security, information and communication technology, and manufacturing.

Al Zeyoudi also met with Franz Tattenbach, Minister of Environment and
Energy of Costa Rica, to discuss trade and investment opportunities in both
countries and leverage them, to widen their trade and investment cooperation
to broader horizons.

Al Zeyoudi also talked to Efraim Zeledon Leiva, Deputy Minister Ministry of
Public Works and Transport of Costa Rica, to discuss the significant
opportunities available to investors and entrepreneurs in the transportation,
logistics services, and infrastructure sectors.

Al Zeyoudi stressed that Costa Rica is one of the most promising economies in
Central America, with many areas of cooperation with the UAE. Both countries
are committed to developing flexible and sustainable economies focused on
innovation, investment, and trade.

He affirmed that the CEPA with Costa Rica would give the UAE significant
market access, with 98 percent of tariff lines duty-free or with reduced tariffs,
including aluminium, polyethylene, heavy machinery, ceramics, glass, copper,
and related products, iron and steel and related products, and cement.
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