This week the Costa Rica government celebrated the entry into force of the Free Trade Agreement (FTA) with Peru. The FTA will mostly benefit small and medium producers.

The Costa Rican Foreign Trade Minister, Anabel González said in a statement that the treaty, which came into effect last Saturday, “has the distinction of benefit to employers, particularly small and medium, and consumers, who will be able to a lot of products at more competitive prices.”

“Additionally, it is a great step in the country’s policy to approach emerging economies, to enhance trade with South America and to strengthen our process to be party to the Pacific Alliance,” Gonzalez said.

Costa Rica’s congress ratified the agreement on April 22, 2013.

This agreement, signed in May 2011, provides immediate relief of 80% of the products to its entry into force.

Free trade export benefiting Costa Rican products are as chocolate, tea, milk based drinks and powdered beverages, and Peruvians like asparagus, grapes, corn, resins, rubber, textiles, jewelry and precious metals.

Costa Rica also shipping to Peru upped the annual quota of 3,200 tons of powdered drinks and 1,200 tons of beef.

Among the products excluded from the agreement is coffee, potatoes onions, rice, medical and other industries.

In this treatise Costa Rica and Peru also agreed to “accumulate origin”, (allow the exchange of products made from raw materials from other nations) with which both Costa Rica and Peru have signed an FTA.

The Costa Rican government stated that to promote the use of the trade agreement for companies in both countries the Foreign Trade Promoter (PROCOMER) has an office in Lima.

In 2012, according to the Ministry of Foreign Trade of Costa Rica exported $18.2 million to Peru, primarily in products such as prepared foods, medicines, and metal, syringes, needles and catheters.

For its part, Peru to Costa Rica exported $ 46.2 million in goods such as plates, sheets and plastic sheets, frozen fish fillets, animal feed, among others.

The Costa Rica News (TCRN)
San Jose Costa Rica

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