Costa Rica and Colombia inked a Tratado de Libre Comercio (TLC) – Free Trade Deal – which will see 70% of the products traded in the form of free trade when the agreement enters into force.

140870_costarica-colombia-gAnother 26% of the products will have their tariffs and taxes eliminated between three and 15 years. The remaining 4% that includes items like oils, some milk and meat products, beers, chewing gum and some plastics are excluded from the free trade.

Fernando Ocampo, Costa Rica’s chief negotiator, said that products such as medicine, tires, some plastics, frozen bread, cookies, flavoured alcoholic beverages and batteries from Colombia, become tax exempt immediately.

A complete list of exempt products and products and their scheduled exemption will be released to the press in the coming weeks.

Costa Rica’s Foreign Trade Minister, Anabel Gonzalez, and her Colombian counterpart, Sergio Días Granados, signed on Friday an agreement declaring the end of the talks.

The final agreement will be signed by the respective presidents on May 23, 2013, while attending the Pacific Alliance summit to be held in the Colombian city of Cali.

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