The FTA between Costa Rica and Singapore in Effect Next Week

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    The Costa Rica News (TCRN) – The Free Trade Agreement (FTA) between Costa Rica and Singapore will take effect from next Monday, in a further step of rapprochement between the Central American and Asia, the Ministry of Foreign Trade (Comex) announced.

    For Costa Rica, Singapore will be a strategic partner because despite having a territory and a small population, the city-state has one of the highest GDP per capita in the world, closer to $ 51,000 a year.

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    “The levels of competitiveness and development of Singapore are admirable, is a model country, from which we can learn,” said the Costa Rican Foreign Trade Minister, Anabel González, in a statement.

    “This agreement will allow us to achieve benefits that go beyond trade and recognizes the importance of promoting and facilitating cooperation activities, in order to develop technological projects, research and information exchange,” she added.

    As Singapore has a service-based economy, Costa Rica sees significant export opportunities for agricultural and agro-industry.

    Furthermore, due to its characteristics of growth and development also offers business opportunities and cooperation in areas such as global value chains and logistics, considered González.

    Costa Rica has a business relationship with Singapore surplus from their exports of microprocessors and timber.

    For the period 2002-2012 Costa Rican exports to that country reported an average annual growth of 45.7% to 746.1 million dollars in 2012, according to official figures.

    Meanwhile, imports totaled $ 33 million in 2012, 34.2% more than the previous year.

    In Asia, Costa Rica has in effect an FTA with China and has expressed interest in move in this direction with Japan and South Korea.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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