by TCRN Staff

Costa Rica and Singapore hashed out an agreement on Thursday to establish rules that investors must meet in order to provide financial services here in Costa Rica.

Fernando Ocampo, chief negotiator for the FTA said yesterday that to finalize this aspect of the agreement approximately two more weeks are required.

The official explained that the FTA has no financial services chapter, but it is important to incorporate in the text how Singaporean companies operate in this sector.

“What is done is to incorporate these rules directly into the treaty to protect against future changes in legislation.” he said.

During the last round of FTA negotiations, Costa Rica achieved immediate duty-free access for all products of interest proposed to Singapore.

It is the first time the country achieved full coverage for export under free trade, agricultural products like coffee, dairy, fruits and vegetables and other agro and processed food.

The legal review of the trade pact will take place from the 3rd to the 5th of March in Singapore.