Costa Rica agrees new deal with China
China and Costa Rica have reached the framework of a free trade agreement which would see tariffs on many Costa Rican products being exported to China lifted completely. It is hoped the deal will be signed before May 8, when Costa Rican President Oscar Arias is to leave office.
"We have completed a free trade agreement with the world's third-largest economy, without doubt a milestone in Costa Rica's trade policy," Marco Vinicio Ruiz, minister of foreign trade, said. Mr Ruiz believes the deal will present "enormous opportunities" for Costa Rican exporters.
"We have strengthened our involvement in the Asian continent," said the minister. "There is no doubt that the United States and Europe are fundamental for our economy, but obviously it is also fundamental to have a presence in Asia."
Under the agreement, around 99.6% of Costa Rican goods, including leather, pork, beef, fruit juice, decorative plants and coffee will have immediate, duty-free access to the Chinese market, while 58% of Chinese goods will receive the same treatment in Costa Rica.
