Tuesday 15 June 2021

Costa Rica Approves Trade Agreement with UK

The approval of this trade agreement means greater clarity for the Costa Rican export sector that was waiting for legislation that would dissipate the doubts caused by the intense discussion of Brexit.

Costa Rica’s Legislative Assembly approved a trade agreement between Costa Rica and the United Kingdom that protects commercial conditions previously negotiated with the European Union (EU).

Costa Rica and the United Kingdom have a trade agreement that maintains the conditions for national exporters to that market. Photography: AFP.

The agreement ended months of high uncertainty for the national export sector. Under the agreement, the trade relationship between the two nations will remain intact and protected against Brexit.

- Advertisement -

Legislators approved Monday night (Oct. 28) in second debate – unanimously – the Acuerdo de Asociación entre Centroamérica y el Reino Unido (AACRU).

Dyalá Jiménez, Costa Rica’s foreign trade minister told Elfinancierocr.com that “… With Brexit we need to make sure that trade flows are not going to be interrupted and that there is not going to be a great deal of uncertainty. For the last year we have been able to negotiate and work on an agreement that replaces the association agreement between Central America and the European Union.”

The AACRU was signed on July 18 between authorities of the United Kingdom and representatives of the Central American countries (El Salvador, Guatemala, Honduras, Nicaragua, Costa Rica, and Panama). This agreement is complemented by the Acuerdo de Asociación entre Centroamérica y la Unión Europea (AACUE), which has been in force since October 2013.

The new agreement serves to maintain the commercial conditions initially negotiated with the European bloc, so that they prevail in the new direct relationship between the Central American nations and the United Kingdom.

- Advertisement -

“Without this agreement, Costa Rican products to the United Kingdom would go to the conditions of the World Trade Organization (WTO) with which additional fees apply and this would make our products much more expensive,” said Kenneth Waugh, president of the British Chamber of Commerce – Costa Rica (Brit Cham).

Banana leads exports to the UK
“Costa Rica is the second largest supplier of bananas in the United Kingdom with a 21% market share. Of the total exports to that country, bananas accounted for 41%, so this destination is considered an important trading partner,” added Waugh.

Fast track legislation
“We joined forces between the work teams (of the Ministry of Foreign Trade, advisors and legislators) and called on the rest of the commission to understand that we had to assume a project of high importance for the country,” said Karine Niño, legislator of the National Liberation Party (PLN) and president of that legislative forum.

The approval of this trade agreement means greater clarity for the Costa Rican export sector that was waiting for legislation that would dissipate the doubts caused by the intense discussion of Brexit.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Plate rupture has potential for stronger quakes

QCOSTARICA - The 5.7-magnitude tremor, felt at 5:27 pmon Thursday, occurred...

Europe opens the doors to tourism, these are the requirements

Q TRAVEL - Europe opened the doors to tourism. While worldwide...

MOST READ

Today’s Vehicle Restriction June 15: 3 & 4 CANNOT circulate

Today, Tuesday, June 15, vehicles with plates ending 3 & 4 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

COVID vaccines in the workplace: Can I ask who got their shots?

(DW) Jon works for the local government in the US state of Virginia. The 40-year-old received both his COVID shots in April. Most of...

The US sanctions Nicaraguan Daniel Ortega’s daughter and close associates

TODAY NICARAGUA – The United States imposed economic sanctions on four Nicaraguan officials close to President Daniel Ortega on Wednesday, June 9, 2021, including...

5.7 Quake jolts Costa Rica

2021-06-10 17:27:0.5, Magnitude: 5.76, Depth 10.0 km, Epicenter: 95.5 km Southwest Malpais de Puntarenas. The jolt was felt also in the Central Valley. No reports...

Carlos Alvarado describes calls reprehensible the persecution of Ortega against opponents in Nicaragua

QCOSTARICA - The President of Costa Rica, Carlos Alvarado, described the persecution of Nicaragua President Daniel Ortega against opponents as reprehensible after the government...

Opinion: Peru’s electoral drama is damaging democracy

Q REPORTS (DW) In Peru, the left-wing village school teacher Pedro Castillo has in all probability been elected the new president. The fact that...

On Monday the vehicle restriction will change, again

QCOSTARICA - In times of pandemic, things change constantly, especially when it is necessary to tighten the belt to reduce the contagion of covid-19. The...

Today’s Vehicle Restriction: June 10, “ODDS”

Today, Thursday, June 10, only ODDS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Costa Rica passes law to attract foreign pensioners and rentiers with $150K capital

QCOSTARICA - Costa Rica's legislature approved, in the first debate, a bill that reduces the minimum amount that a foreign pensioner or rentier must...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.