Alliances between UE and Costa Rica

The Minister of Foreign Trade of Costa Rica, also acting as President of the Council of Ministers of Central American Economic Integration - COMIECO – Mr. Alexander Mora carried out a mission to the European Union last February, 2017. The visit aimed to strengthen relations and alliances that Costa Rica and Central America have with the European Union, and to leverage trade relations with Belgium and Luxembourg.

Since entry into force of the Association Agreement between EU and Central America (AACUE) in 2013, exports from Central America to the EU increased on an average of 13.8% in 2015, while exports from the EU to Central America have had a strong increase of 22% in 2015.

In his visit, Min. Mora reiterated Costa Rica's adhesion to the multilateral trading system (of which the country already has 14 free trade agreements throughout the world). Costa Rica will maintain unrestricted support as well as an integrationist vocation to carry these out as it was doubly manifested by Costa Rica’s leadership in the Central American economic integration system - SIECA - and its incorporation process to the OECD, as well as an active participation in the processes of the World Trade Organization (WTO).

Meetings were held with the EU Trade Commissioner, DG Trade and DEVCO. He also attended the European Parliament for a joint session of the MEPs of the Foreign Trade Commission overseeing AACUE. In his bilateral agenda, meetings were held at the Ministries of Foreign Affairs and Trade of the Kingdoms of Belgium and Luxembourg. Nevertheless, Costa Rica was promoted throughout the visit as a destination for trade and investment with the business sector of both countries.

The European Union is one of Costa Rica's main trading partners, as an export destination and as a source of foreign investment as well as a source of supply of intermediate and durable goods, fundamental to its productive efforts. The AACUE has contributed to consolidate and strengthen CR’s export position to the European market. In particular, bilateral trade between Belgium and CR showed an average annual growth of 3% in 2015 while with Luxembourg, the exports grew as much as 7.2%. Investments were reported up to US $ 27.2 million from Belgium and US $ 3.4 million from Luxembourg as cumulative value into Costa Rica, respectively.

 

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