Abu Dhabi [UAE], April 18 : United Arab Emirates and Costa Rica have signed the UAE-Costa Rica Comprehensive Economic Partnership Agreement (CEPA) on Wednesday with the aim of enhancing bilateral relations, Al Arabiya News reported citing Emirates News Agency.
Further, the implementation of the UAE-Costa Rica CEPA is expected to boost trade and investment across priority sectors, propelling mutual economic growth.
The virtual signing ceremony witnessed the participation of UAE President Sheikh Mohamed bin Zayed and Costa Rican President Rodrigo Chaves Robles.
The agreement, signed by foreign trade ministers Thani bin Ahmed and Manuel Tovar, is poised to usher in a new era of cooperation, bolster trade flows, foster private-sector collaboration and create fresh avenues for investment in key sectors including logistics, energy, aviation, tourism and infrastructure development, as per Emirates News Agency.
According to Al Arabiya News, this agreement is a component of the UAE's proactive foreign trade strategy, aimed at broadening its global trade network and fostering exports.
Sheikh Mohamed bin Zayed praised the agreement as a significant milestone in the economic relationship between the two countries.
He underscored the importance of trade collaboration in tackling global issues like climate change and food security.
Thani bin Ahmed highlighted the exponential growth in non-oil trade between the two countries, surpassing USD 65 million in 2023. This marked a 7 per cent increase from 2022 and a significant 31 per cent rise from 2021, Alarabiya News said as per Emirates News Agency announment.
President Rodrigo Chaves Robles conveyed his enthusiasm for the agreement, highlighting its alignment with Costa Rica's strategic goal of diversifying into fresh markets.
Further, he emphasises that the economic partnership will unlock numerous trade and investment opportunities, fostering enhanced prosperity for both nations, Alarabiya News cited.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor