COSTA RICA NEWS – The free trade agreement (FTA) between the European Free Trade Association (EFTA) states and Costa Rica and Panama will enter into force for Switzerland on August 29, 2014.

ContainrsshipThe treaty covers trade in goods and services, investment, competition, the protection of intellectual property, sustainable development and government procurement.

The agreement was signed on behalf of Costa Rica, in June 2013, by then minister of Foreign Trade, Anabel Gonzalez. The Swiss parliament ratified it in June 2014.

The Swiss Federal Council says that the FTA will improve access for Swiss goods and services exports and investments in two dynamic Central American markets. It is also expected to facilitate mutual trade, improve the legal certainty for economic exchange and contribute to sustainable development.

EFTA states will grant Costa Rica and Panama market access conditions for industrial products that are broadly comparable to those they offer the European Union. Over a period of five to 10 years, EFTA industrial products, fish and other marine products, will gradually gain duty free access to the Costa Rican and Panamanian markets.

The FTA entered into force in Norway on August 19. It will enter into force for Liechtenstein on the same day as for Switzerland, and on September 5 for Iceland.

Source: Tax-news.com