Free Trade Agreement Between China And Costa Rica

On April 13, 2008, then-Chinese President Hu Jintao and Chilean President Michelle Bachelet signed the additional free trade agreement between the Government of the People`s Republic of China and the Government of the Republic of Chile in Sanya, Hainan Province. The free trade agreement between China and South Korea officially entered into force on December 20, 2015. Under the agreement, South Korea will eliminate tariffs on 92% of all Chinese products within 20 years of implementation, in exchange for China`s abolition of tariffs on 91% of South Korean products. The Free Trade Agreement between China and Switzerland (FTA) officially entered into force on 1 July 2014. Free trade negotiations between the two countries were officially launched in 2011. After nine rounds of negotiations, the two sides signed the agreement in July 2013. In the area of merchandise trade, China-Costa Rica will introduce zero tariffs on more than 90% of its products and enter the «zero-inch» era. China — Total merchandise trade with China has increased by 8.1% since 2011. Costa Rica`s export target increased by 12% in the years of the free trade agreement with China. On the other hand, imports from China increased by 10.1% on average Costa Rica became an important trading partner of China in the Central American region, and China became Costa Rica`s second largest trading partner after the United States. Mexico — Mexico was the first of Costa Rica`s free trade agreements. The pact with the northern neighbour came into force in 1995.

Since then, overall trade between the two partners has increased by an average of 9.5%. Looking at the different components of trade, the figures show that trade increased by an average of 13.1% in relative terms. Peru — The agreement with this South American country is Costa Rica`s second online free trade agreement in 2013. Since then, the average growth in total trade between the two countries has been 8.1% per year. After the signing of the free trade agreement with Peru, Costa Rica`s exports to the country increased by 9.1%, while imports increased with an overall annual rate of 11.1%. The China-Australia Free Trade Agreement (FTA) officially entered into force on December 20, 2015. Once fully implemented, 96% of Australian products will arrive in China duty-free, while 100% of Chinese exports to Australia will be processed duty-free. Chinese Premier Li Keqiang and ASEAN leaders will participate in a signing ceremony on 22 November 2015 in Kuala Lumpur, Malaysia, to sign the protocol amending the framework agreement on global economic cooperation between China and ASEAN. [Xinhua] As far as trade in goods is concerned, at least 90% of the goods of both parties will not have gradual access to customs on the markets of the other party. In terms of services, Costa Rica will open an additional 45 sectors to China, including telecommunications, education and tourism, while China will open seven more service sectors in Costa Rica.

CARICOM — The free trade agreement with CARICOM is part of Costa Rica`s free trade agreements that govern relations between itself and a group of countries. CARICOM consists of four nations (Trinity and Tobago, Barbados, Belize and Guyana). The agreement was signed in 2005. The formal implementation of the China-Costa Rica Free Trade Agreement will lead to deeper cooperation in bilateral trade in goods, services and investment and strengthen the vitality and connotation of the development of bilateral relations between the two countries. United States — The U.S.-Costa Rica agreement was one of the most publicly debated free trade agreements in Costa Rica. Total merchandise trade between Costa Rica and the United States has increased since the FTZ came into force in 2019, with an average annual rate of 4.3%.