Costa Rica’s Chinchilla ratifies free trade agreement with Colombia

May 5, 2014

In one of her last acts as president, Laura Chinchilla signed a free trade agreement with Colombia on Monday. Her signature brings Costa Rica one step closer to full membership in the Pacific Alliance, a Latin American trade bloc of some of the region’s most important economies.

“Costa Rica’s integration into the Pacific Alliance will guarantee that a small nation can stand with a bloc of allied nations with greater relative weight in the global economy, with greater prestige in geopolitical terms in our region, with an economy of scale to promote collective efforts and, above all, to survive in the environment of large alliances that will define the world in the coming years,” Chinchilla said.

In February, Chinchilla traveled to Cartagena, Colombia, to sign an agreement setting Costa Rica on a path to join the Latin America trade bloc made up of Mexico, Colombia, Peru and Chile. The Pacific Alliance accounts for 50 percent of the population in Latin America and represents a market of 212 million.

Chinchilla’s administration pursued free trade agreements, including the Pacific Alliance, during her term from 2010 to 2014. In October 2013, Costa Rica signed a free trade agreement between Central American nations and the European Union.

Colombia was the last remaining alliance country with which Costa Rica did not share a free trade agreement.

Commercial activity between Costa Rica and Colombia grew by 65 percent during the last decade, from $239 million in 2003 to $394 million in 2013, according to a statement from Casa Presidencial. Most goods traded between the countries include food stuffs, medicine and medical supplies, among other goods.

Chinchilla leaves office Thursday, handing over power to President-elect Luis Guillermo Solís, of the Citizen Action Party.

You may be interested

Costa Rican entrepreneur launches swimwear line to empower women
Changemakers
124 views
Changemakers
124 views

Costa Rican entrepreneur launches swimwear line to empower women

Elizabeth Lang - May 24, 2018

María Luisa Mendiola is a young Costa Rican woman living in New York who’s all about creating change in everything…

Costa Rica dismantles international drug trafficking ring
Drug trafficking
140 views
Drug trafficking
140 views

Costa Rica dismantles international drug trafficking ring

AFP - May 24, 2018

Costa Rican authorities dismantled an international cocaine trafficking ring that used fishing boats on the country's southern Pacific coast. The…

Costa Rica’s snakebite research pioneers save lives worldwide
Changemakers
225 views
Changemakers
225 views

Costa Rica’s snakebite research pioneers save lives worldwide

Mitzi Stark - May 23, 2018

The Clodomiro Picado Institute is spread along the main road of Dulce Nombre de Coronado, northeast of San José. Its…