COSTA RICA NEWS — President Luis Guillermo Solís has said that the Free Trade Agreement (FTA) with Canada needs to be update.

The objective of FTA, which went into force on November 7, 2002, is to promote regional integration, create opportunities of economic development, and eliminate barriers to trade and investment, among other things.

Solís was in Toronto last month, taking part in the Toronto Global Forum , to promote Costa Rica as a destination for Canadian investment.

Accompanying Solís in the Canada trip was the Minister of Foreign Affairs, Manuel Manuel González; the president of the CINDE, Costa Rica’s investment promotion agency, Jorge Sequeira; and Foreign Trade Minister, Alexander Mora, among others.

Joining Solís was the Foreign Trade Minister, Alexander Mora, who echoed the President’s call for an updated treaty. Mora said that a new agreement should be modelled on Costa Rica’s FTAs with the United States and the European Union, which were signed more recently than the one with Canada.

Costa Rica exported to Canadian some CA$591 million dollars (US$667 million) and imported from Canada a total of CA$115 million dollars (USD$101 million) in 2013.

Source: La Nacion; Tax-News.com; Casa Presidencial


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