Regional free trade agreement with Mexico enters into force
A free trade agreement between Central America and Mexico entered into force this week, the Costa Rican Foreign Trade Ministry (COMEX) reported on Monday.
For Costa Rica, the treaty is an update of an agreement the two countries signed in 1994.
Foreign Trade Minister Anabel González said the deal will allow increased trade with, and investment from, Mexico.
In order to take advantage of the treaty’s benefits, exporters must fill out a certificate that will be made available at COMEX’s website in coming days. Businesses with certificates from the previous treaty are entitled to use them for a period of 45 days.
Mexico is the third most important destination for Costa Rican products, behind the United States and Spain. However, Costa Rica has a negative trade balance with Mexico. According to Costa Rica’s Foreign Trade Promotion Office, exports to Mexico in 2012 totaled $322 million, while imports totaled $1.1 billion.
Costa Rica exports to Mexico mostly palm oils, prepared food and rubber products, among others.
You may be interested
Of snow, kindness and Northern Lights: a Costa Rican in Manitoba, CanadaGustavo Díaz Cruz - December 14, 2017
My mom named me Gustavo Adolfo. I was born in Puntarenas, next to the sea, but my home was in…
Response to disaster: aid successes, struggles in post-Maria Puerto RicoJohn McPhaul - December 13, 2017
As Costa Rica joins many other nations in looking back upon the horrendous 2017 hurricane season, longtime Tico Times contributor…
Looking back at Hurricane Maria: the initial impactJohn McPhaul - December 12, 2017
As Costa Rica joins many other nations in looking back upon the devastating 2017 hurricane season, longtime Tico Times contributor…