Skip to content Skip to Search
Skip navigation

Costa Rica added to UAE economic partners

UAE Costa Rica Cepa Cesar Badilla Miranda/Unsplash
A toucan in a zoo in Costa Rica: the country's gross domestic product is expected to increase this year between 3.2% and 3.9%
  • 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.

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”.

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. 

Latest articles

Investment app Sarwa had more than 180,000 registered users by the first quarter of 2023

Investment app Sarwa fined by Dubai and Abu Dhabi regulators

Investment platform Sarwa Digital Wealth has been fined AED1,151,000 ($313,500) by regulators in Dubai and Abu Dhabi for offering shares and securities without an approved prospectus. The Dubai Financial Services Authority (DFSA) said on Tuesday that it had imposed a penalty of AED701,815 on the fintech.  On the same day, the Financial Services Regulatory Authority […]

UK Prime Minister Rishi Sunak said the pledge ' sets a precedent for global standards on AI safety'

UAE joins AI safety pledge at UK-South Korea summit

Two artificial intelligence companies from the UAE have signed up to a new AI safety pledge and have committed to safe development of the technology. Abu Dhabi’s Technology Innovation Institute and G42 are among 16 names on the safety pledge that also includes Amazon, Google, IBM, Meta, Microsoft, OpenAI and Samsung. The announcement was made […]

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Bruno Le Maire said France was also ready to help the UAE develop its own nuclear power plants

France ‘open’ to UAE investing in its nuclear plants

The French government is open to the UAE investing in the country’s nuclear power sector, its economy minister has said. Bruno Le Maire spoke to journalists in Abu Dhabi ahead of talks with Sultan Al Jaber, the UAE minister of industry and advanced technology, and Khaldoon Al Mubarak, chief executive of investment fund Mubadala and […]