Costa Rica and the Caribbean Developing New Free Trade Agreements

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    The Costa Rica News (TCRN) –After three rounds of negotiations, the Caribbean Community (Caricom) and Costa Rica signed a free trade agreement that holds the promise of significantly increasing trade between the fifteen countries of the area.

    Caricom is a market of 16 million people and is comprised of 15 full countries, five associate members and eight observer members.

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    Hence, this market is alluring for Costa Rican commercial interests.

    Francisco Gamboa, Director of Business Intelligence International Trade explained that Costa Rica has positioned itself as a major supplier of the Caribbean islands especially industrial products, but there are also exports of agricultural products, although to a lesser extent.

    Grettel Vega, Direct International Cooperation, Ministry of Economy Trade and Industry, added that CARICOM is a strategic business partner to Costa Rica and of course for SMEs. The country went from exporting $42.1 million in December 2000 to $91.3 million in December 2013.

    “The Caribbean is the fourth most important region where Costa Rican exports are placed, after North America, Central America and Asia. The data shows that there is opening of this market for Tico products,” Vega said.

    The Costa Rica News (TCRN)

    San Jose, Costa Rica

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