The United Arab Emirates (UAE) and Costa Rica have reaffirmed their commitment to boosting economic relations through their Comprehensive Economic Partnership Agreement (CEPA), signed in 2024.
A high-level business forum held in Dubai underscored the strategic partnership between the two nations, attracting senior government officials, business leaders, and trade representatives.
Organized by Dubai Chambers in collaboration with the Dubai-Costa Rica Business Council and Costa Rican Foreign Trade and Investment Agency (PROCOMER), the forum aimed to highlight the advantages of the CEPA, which is part of the UAE’s broader foreign trade strategy. The event was attended by UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Costa Rican Minister of Foreign Trade Manuel Tovar Rivera, among other key figures.
The CEPA, which eliminates tariffs on a wide range of goods and simplifies customs procedures, is expected to enhance trade in sectors such as renewable energy, logistics, advanced manufacturing, and eco-tourism. Dr. Al Zeyoudi highlighted Costa Rica’s dynamic economy and the UAE’s position as a global trade hub, emphasizing the agreement’s potential to drive investment and innovation.
Minister Rivera celebrated the CEPA as a milestone, offering Costa Rica preferential access to the UAE market and reinforcing its global trade position. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, expressed confidence that the agreement would further strengthen bilateral trade and investment ties.
The UAE-Costa Rica trade relationship has already shown significant growth, with non-oil trade reaching US$82.6 million in 2024. The CEPA is expected to accelerate this momentum, unlocking new opportunities for both nations. The forum concluded with productive business sessions, paving the way for further collaboration.
News Source: Emirates News Agency
