Costa Rica to sign FTA with CARICOM soon

Costa Rica is just within an ace of inking a free trade agreement with the Caribbean Community (CARICOM), the Central American country’s Government Minister Ricardo Toledo reportedly said.

“The FTA with CARICOM is a fact and we’re going to sign it anytime soon. I wish it were this year,” Mr. Toledo was quoted as saying in morning newspaper La Prensa Libre. The signing ceremony could take place in Jamaica as soon as the island nation’s secretary-general Edward Greene gives it the green light.

Costa Rica has been negotiating this agreement since September this year with the regional bloc’s fourteen other nations in an effort to put foodstuffs, agricultural and dairy products in the market.

Trade balance between both parties added up $101 million last year, featuring $58.5 million worth of Costa Rican exports stacked up against just $43 million in imports, especially in terms of fuel.

Mr. Toledo believes once the treaty is signed, legislative proceedings won’t take that long. “CARICOM is giving Costa Rica the exclusive privilege of exporting virtually 90 percent of all its produces to the Caribbean. This is one of the finest agreements Costa Rica could possibly land,” he averred.

Costa Rica has agreed on similar treaties with Mexico, Chile, the Dominican Republic and Canada, and it’s currently negotiating an FTA with the United States.