Costa Rica added to UAE economic partners

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• Latest in more than a dozen deals
• Costa Rica’s first Middle East agreement
• Partnership ‘unlocks a myriad opportunities’

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years.

It is the first time the Central American country has signed an agreement with a Middle Eastern country.

The agreement will improve trade flows between the two countries, increase private sector collaboration and provide investment opportunities in sectors including logistics, aviation and infrastructure.

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Non-oil trade between the UAE and Costa Rica passed $65 million in 2023, up 7 percent year on year and a 31 percent increase on 2021.

The UAE’s president Sheikh Mohammed bin Zayed Al Nahyan said the agreement will help with “deepening ties and fostering collaboration with a nation that, like the UAE, places innovation, sustainability and diversification at the forefront of its economic roadmap”.

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Costa Rica’s gross domestic product is expected to increase this year by between 3.2 and 3.9 percent, an analysis by Strategy Negocios magazine suggested, based on estimates from the UN, the World Bank and the International Monetary Fund.

Rodrigo Chaves Robles, president of Costa Rica, said the partnership would “unlock a myriad of trade and investment opportunities leading to increased prosperity for our people”.

Since launching its Cepa programme in September 2021, the UAE has concluded deals with more than a dozen countries including India, South Korea, Kenya and the Republic of Congo.

Negotiations are also taking place with Australia, Malaysia, the Philippines and Vietnam, with Vietnam finalising terms on a deal to build on bilateral trade worth nearly $9 billion.

The UAE’s non-oil trade reached a record high of AED3.5 trillion ($953 billion) in 2023.