Colombia Costa Rica Free Trade Agreement

As of August 1, the agreement will enter into force definitively and, in the case of Costa Rica, finds that “. The figures clearly show that trade increases after the entry into force of the free trade agreement. The new FTA negotiations aim to consolidate, expand and streamline the negotiating platform in the country, the result of diversifying exports and integrating into global value chains. At the end of the negotiations on the free trade agreement with Colombia, Costa Rican industrialists were satisfied with the final text, which contains “the required exclusions of products such as polypropylene bags, soaps, paper and cardboard, plastics, electrical materials, glass, sanitary articles, textiles, wooden and metal furniture, aluminium profiles and commercial printing. This approach is supported by experts who believe that the country has focused on signing trade agreements with other nations and has separated itself from a policy that promotes the growth and competitiveness of the sectors involved in the economy. This is the feeling that some economic sectors have regarding the signing of a free trade agreement with Colombia which, beyond positive expectations, leaves a real concern about the conditions of competition in the country. “In 2011, 79.1% of exports were concentrated in the United States, Central America and the European Union and less than 10% in other countries with which we have free trade agreements, such as Chile, Mexico, Canada, China, the Dominican Republic, Trinidad and Tobago. No benefit for free trade agreements, but it opens up our market,” Obando explained. In the first three years of the agreement, trade increased by 36 percent (from $324 million to $440 million). [2] It should be noted that, in addition to trade agreements, the two countries have adopted provisions to launch cooperation projects in areas such as 1) agricultural development technology; (2) telecommunications; (3) public health; (4) innovation; (5) biotechnology; and (6) development of environmental technologies. This will undoubtedly allow Colombia to gain the support of Israel and its industrial sector in order to obtain benefits that go beyond the commercial sector. It should be noted that the signing of this free trade agreement is an important step forward for the trade agenda of both nations. In this case, Israel has strengthened its trade relations with various nations and international organizations such as the European Free Trade Association Mercosur (EFTA-Mercosur), the United States, Canada and Mexico.

Today, Israel has Colombia as a trading partner in South America. There is a series of negotiations underway on the modernization of the agreement. The trade agreement between Colombia and Costa Rica will enter into force on August 1.