UAE and Costa Rica Forge Economic Alliance

 



In a landmark move, the United Arab Emirates (UAE) and Costa Rica have solidified their economic partnership through the signing of the UAE-Costa Rica Comprehensive Economic Partnership Agreement (CEPA). This agreement, aimed at strengthening bilateral ties, was officially inked in a virtual ceremony attended by UAE President Sheikh Mohamed bin Zayed and Costa Rican President Rodrigo Chaves Robles. The CEPA is poised to usher in a new era of cooperation between the two nations, bolstering trade flows, fostering private-sector collaboration, and creating fresh avenues for investment across various sectors such as logistics, energy, aviation, tourism, and infrastructure development.

A Step Towards Global Trade Expansion

This agreement underscores the UAE's proactive approach to foreign trade, as it seeks to expand its global trade network and promote exports. Sheikh Mohamed bin Zayed hailed the CEPA as a milestone in the economic ties between the UAE and Costa Rica, emphasizing the importance of trade cooperation in addressing global challenges such as climate change and food security. Dr. Thani bin Ahmed, the UAE's Minister of Foreign Trade, highlighted the exponential growth in non-oil trade between the two countries, reaching over $65 million in 2023, marking significant increases from previous years.

Shared Enthusiasm for Economic Growth

President Rodrigo Chaves Robles of Costa Rica expressed his enthusiasm for the agreement, noting its alignment with the country's strategic objective of diversifying into new markets. Anticipating numerous trade and investment opportunities, he believes that the economic partnership will lead to enhanced prosperity for both nations. The CEPA signifies a commitment to collaboration and mutual benefit, reflecting a shared vision for economic growth and development in a rapidly evolving global landscape.

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