Costa Rica Discusses Free Trade with Singapore
Friday, December 5th, 2008Although there were rumors and hints that the current Costa Rican president Oscar Arias was interested in negotiating a free trade agreement with Singapore, it wasn’t until the president’s recent visit to this country that the news was official.
Arias along with Singapore’s president, Sellapan Rama Nathan, announced the free trade negations during Arias’ first day at Singapore. According to a communication from the Presidential House, Singapore’s Prime Minister, Lee Hsien Loong was pleased with the announcement.
The press release went on to mention that the free trade agreement will be a way to bring Costa Rica’s and Singapore’s economy together. Singapore enjoys a very good relationship with Asia and is very interested in strengthening its ties with Latin America. Arias also expressed his approval and satisfaction by saying that the agreement will open new markets for Costa Rica.
Singapore’s negotiations with Latin America have grown 30% in just over three years. Currently, Costa Rica represents the 6th largest market in the region. In 2007, trade between Singapore and Costa Rica exceeded the US$247.2 million.
On Tuesday, Arias and other members from his staff sat down with local industry leaders to negotiate the possibility of bringing investment to Costa Rica. Arias mentioned that the industry leaders from Singapore were pleased with Costa Rica’s political and economical stability as well as with the people’s level of education and productivity.
During his visit to Singapore, Arias also took the time to officially inaugurate the Costa Rican Embassy in Singapore that has been open for a little over a year.
