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UAE, Costa Rica committed to developing resilient and sustainable economies based on innovation: Al Zeyoudi

UAE, Costa Rica committed to developing resilient and sustainable economies based on innovation: Al Zeyoudi
18 Apr 2024 12:05


Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, stated that Costa Rica and the UAE share many areas of strategic cooperation, culminating in the signing of a Comprehensive Economic Partnership Agreement (CEPA).

This reflects their commitment to developing resilient, sustainable, and future-oriented economies relying on innovation, investment, and trade to drive sustainable development towards further progress, prosperity, and well-being.

In statements on the sidelines of the CEPA signing in San Jose, Al Zeyoudi added, "Costa Rica is one of the most promising emerging economies in Central America, located at the crossroads of trade between the Americas. It presents a significant opportunity for cooperation in sectors such as logistics and transportation. Its commitment to the green economy also offers opportunities for renewable energy and ecotourism projects benefiting the private sector in both countries."

Dr. Al Zeyoudi affirmed that the agreement would grant the UAE high access to the Costa Rican market, reaching 98% of tariff lines without customs duties or with reduced customs duties. This includes aluminium, polyethylene, heavy machinery, ceramics, glass, copper and its products, iron and steel and their products, cement, and others.

He highlighted that the agreement enhances UAE service providers' access to the Costa Rican market across various sectors, including business, communications, construction, engineering contracting, distribution, education, environment, financial services, health and social care, tourism, travel, entertainment, culture, sports, and transportation, among others.

Regarding the direct economic impact of the agreement, Dr. Al Zeyoudi explained that feasibility studies project the comprehensive economic partnership agreement will contribute $46 million annually to the UAE's GDP by 2031 and $44 million annually to Costa Rica's GDP.

He mentioned that the agreement will increase total UAE exports to Costa Rica by $24 million annually and $12 million for Costa Rican exports to the UAE market. This will increase total cumulative direct UAE exports by the end of 2031 to $81 million, while their Costa Rican counterparts will reach $134 million during the same period.

Dr. Al Zeyoudi noted that trade volume between the two countries over the past five years has amounted to about $244.3 million, rising from $34.2 million in 2019 to $64.6 million in 2023, an increase of 88.9%. This reflects a shared desire to enhance trade and investment growth across various fields and sectors.

He mentioned that the CEPA between the UAE and Costa Rica falls within the framework of the economic partnership agreements programme and the country's foreign trade agenda, where agreements have been signed since May 2022 with India, Israel, Indonesia, Türkiye, Cambodia, Georgia, and Costa Rica.

Source: WAM
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