As we already know, trade flows between the two countries are quite strong. According to the Foreign Trade Promoter (Procomer), Costa Rica offers at least 250 multinationals with qualified staff. The country also exports qualified personnel to more than 150 countries. New business opportunities between Costa Rica and the United States are reflected in the technology, medicine and services sectors. As a large-scale agreement, the free trade agreement covers trade in goods, trade in services, investment, competitive competition, protection of intellectual property rights, public procurement, trade and sustainable development, as well as cooperation. In the area of merchandise trade, EFTA removes all tariffs on industrial products from the time the agreement enters into force, while Central American countries will do so after a transitional period. The agreement provides for the possibility for other Central American states to join the free trade agreement. At Biz Latin Hub, we offer a comprehensive suite of entry and back-office services that will help you enjoy U.S.-Costa Rica trade relations. Our multilingual team of experienced lawyers and economists is equipped to provide excellence, advice, support and help you make the best decision by opening new markets. Contact us today for personalized help with the integration of a business in Central America. In the area of foreign direct investment, Costa Rica has concluded 14 bilateral investment agreements, five of which are with EU Member States such as Spain, France, the Czech Republic, the Netherlands and Germany. The European Union As a whole is Costa Rica`s second largest trading partner, accounting for 18.2% of total trade, for a value of $1884.5 million. The United States is Costa Rica`s largest trading partner, with 38.6% of its total exports going to $3998.9 million.
Mexico – Mexico was the first of Costa Rica`s free trade agreements. The pact with the northern neighbour came into force in 1995. Since then, overall trade between the two partners has increased by an average of 9.5%. Looking at the different components of trade, the figures show that trade increased by an average of 13.1% in relative terms. Peru – The agreement with this South American country is Costa Rica`s second online free trade agreement in 2013. Since then, the average growth in total trade between the two countries has been 8.1% per year. After the signing of the free trade agreement with Peru, Costa Rica`s exports to the country increased by 9.1%, while imports increased with an overall annual rate of 11.1%. CARICOM – The free trade agreement with CARICOM is part of Costa Rica`s free trade agreements that govern relations between itself and a group of countries.
CARICOM consists of four nations (Trinity and Tobago, Barbados, Belize and Guyana). The agreement was signed in 2005. Intellectual property protection provisions (Chapter 6 and Appendix XIX) include trademarks, copyrights, patents and geographical indications, and include provisions for respect for intellectual property rights and cooperation between the parties. They are based on the WTO agreement on trade-related aspects of intellectual property rights (TRIPS) and provide a high level of protection, taking into account the principles of the most favoured nation and national treatment. European Union – The EU is one of Costa Rica`s main trading partners. The two companies entered into a free trade relationship in 2013. Since then, total merchandise trade between Costa Rica and the European Union has increased by only 0.5%. This stability in costa Rica`s trade relations with the EU can be explained by a stagnation of the EU economy. The U.S. government encourages Costa Rica to be a global benchmark for democracy and human rights.