DUBAI, April 18 (Reuters) – The United Arab Emirates (UAE) and Costa Rica have solidified their commitment to fostering stronger bilateral trade and investment ties through the signing of an agreement, announced UAE President Sheikh Mohammed bin Zayed Al Nahyan on Thursday.
The accord, termed as a Comprehensive Economic Partnership Agreement (CEPA), represents a significant milestone in the economic collaboration between the Middle Eastern and Central American nations. These CEPA agreements, a customary practice for the UAE, typically encompass a wide array of sectors including free trade, investment facilitation, and services cooperation.
President Al Nahyan took to social media platform X to convey the news, underscoring the mutual benefits that such agreements bring to both countries. The CEPA framework serves as a platform for bolstering economic synergies, fostering innovation, and facilitating greater trade flows between the UAE and Costa Rica.
The signing of the agreement comes as bilateral non-oil trade between the two nations continues to show positive growth trends. According to a report released by the UAE’s state news agency, bilateral non-oil trade reached $65 million in 2023, reflecting a notable 7% increase from the previous year. This upward trajectory underscores the growing economic linkages and commercial exchanges between the UAE, a major international re-export hub, and Costa Rica.
With the UAE serving as a crucial nexus point for global trade, particularly in re-exporting goods between Asia, Africa, Europe, and beyond, the CEPA agreement holds the promise of further enhancing trade diversification and expanding market access for both countries.
The successful conclusion of the CEPA underscores the commitment of the UAE and Costa Rica to fostering mutually beneficial economic partnerships and underscores their shared vision for sustainable economic development and prosperity.
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