UAE And Costa Rica Sign The CEPA Deal

UAE And Costa Rica Sign The CEPA Deal

On Wednesday, UAE President Sheikh Mohamed bin Zayed Al Nahyan and Costa Rican President Rodrigo Chaves Robles signed the UAE-Costa Rica Comprehensive Economic Partnership Agreement (CEPA) in a virtual ceremony.

It is a significant step towards boosting cooperation, fostering private-sector collaboration, and opening up investment prospects, particularly in key sectors like logistics, energy, aviation, tourism, and infrastructure.

This agreement falls within the UAE’s broader foreign trade agenda, aiming to expand its global trade network, explore new export markets, and solidify its role as a facilitator of international trade. A major milestone in UAE-Costa Rican economic ties, Sheikh Mohamed bin Zayed Al Nahyan said, citing robust growth in non-oil trade to over US$65 million in 2023, emphasising the role trade plays in addressing global issues like climate change and food security.

He reiterated the UAE’s commitment to forging strategic partnerships with nations focused on progressive economic development.

President Chaves Robles expressed his excitement over the agreement, marking Costa Rica’s first pact of its kind with a Middle Eastern nation. He sees it as a strategic move towards expanding into new markets, anticipating that the partnership will unlock numerous trade and investment opportunities, ultimately benefiting both nations.