Saturday 18 September 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.

Paying the bills

Latest

What are we celebrating?

QCOSTARICA - From the gallows humor department is the...

Sala IV rejects covid patient’s claim for Caja to pay the cost of a private hospital

QCOSTARICA - A claim made by a family against...

Finally, migrant population in Costa Rica will be vaccinated against covid-19

QCOSTARICA - After complaints raised by migrants because they...

Costa Rica is the Main Exporter of Palm Oil in 2020

QCOSTARICA - In 2020, Costa Rica was the largest...

Uruguay considers allowing tourists to buy marijuana

Q24N - The first country in the world to...

Today’s Vehicle Restriction September 18: “ODD” ending plates CANNOT circulate

QCOSTARICA - Starting today, September 18, we go back...

500 Intel drones illuminated the night of celebration of the Bicentennial of Costa Rica

QCOSTARICA - During the celebration of the Bicentennial of...
Paying the bills

Share

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.

“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.

- Advertisement -

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 -
Paying the bills
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

Costa Rica has the lowest inflation in the region

QCOSTARICA - Costa Rica registered the lowest inflation and El Salvador...

Cyclone diverted its course and moves away from Central America

QCOSTARICA - Although the forecasts and initial trajectory of the ninth...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

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.