by supplychainreport
Costa Rica has received an invitation to join the Trans-Pacific Partnership (TPP) trade bloc, marking a potential step toward deeper economic ties with the agreement’s twelve existing member countries.
The Central American nation must still undergo evaluation by TPP members and negotiate terms for market access for its goods and services, the Foreign Trade Ministry said in a statement.
“It will provide Costa Rica with a unique opportunity to access markets in countries with which it does not yet have preferential trade agreements,” the ministry said, highlighting Japan, Australia, Malaysia, New Zealand, Brunei, and Vietnam as key potential partners.
Costa Rica initially submitted a request to join the TPP in August 2022. The trade pact represents one of the world’s leading trade agreements, with member countries accounting for roughly 15% of global GDP.
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