Canada’s trade minister, Ed Fast, on Monday announced the successful conclusion of a fourth round of negotiations to modernize the Canada-Costa Rica Free Trade Agreement. Negotiations took place in San José last week.
“To create new opportunities for Canadian workers, businesses and investors, we are working closely with our Costa Rican partners to modernize our agreement by removing more barriers to trade,” Fast said.
The original Canada-Costa Rica Free Trade Agreement entered into force in 2002 but did not include provisions in such areas as cross-border trade in services, financial services, investment and government procurement. An expanded agreement will create new opportunities for Canadian businesses and provide them with a competitive edge in many sectors, including construction, manufacturing, financial services and telecommunications, officials said.
Since 2006, Canada’s two-way merchandise trade with Central America has risen by 16.7 percent. Costa Rica accounted for 11.8 percent of Canada’s two-way merchandise trade with Central America in 2011.