Friday 2 June 2023

Costa Rica-Colombia FTA to Take Effect

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2 June 2023 - At The Banks - Source: BCCR

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Tires are one of the main Costa Rica exports to Colombia.
Tires are one of the main Costa Rica exports to Colombia.

QCOSTARICA – Three years after being signed, Colombia’S Constitutional Court has approved the bilateral trade between Costa Rica and Colombia.

This was the last institutional step needed to for the Free Trade Agreement (Tratado de Libre Comercio – TLC in Spanish) between the two countries

The trade agreement between the two countries was signed in May 2013. By 2014 Costa Rica complied with the legal process for the placement of the FTA; however, it was pending approval of the Constitutional Court of Colombia, after the legislature gave its approval.

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Alexander Mora, Ministerio de Comercio Exterior (Comex) – Minister of Foreign Trade, said the treaty will also facilitate the establishment of strategic alliances.

“This will provide in the short term a legal instrument with clear and transparent rules (…) Colombia represents a growing market, offering multiple opportunities and should be taken advantage by producers and exporters,” said the minister.

From a statement issued the Ministry of Commerce, Industry and Tourism in Colombia:

Positive news for the country, domestic industry and foreign trade, is how the Minister of Commerce, Industry and Tourism, Cecilia Alvarez-Correa, described the endorsement given by the Constitutional Court to the Free Trade Agreement with Costa Rica.

Nearly three years after signing (22 May 2013), and after approval by the Congress (June 2015) and the approval that has just been received from the Court, the Colombian Government will notify Costa Rica of the completion of these internal processes. 60 days after this notice, or when the parties to define a date, the FTA will enter into force.

 

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Source: La Nacion, El Financerio, Central American Data

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