Top 10 Costa Rica

Singapore, Costa Rica conclude FTA talks

Singapore and Costa Rica have successfully concluded negotiations on a Free Trade Agreement (FTA) after four rounds of talks.

The two countries will sign the accord “once domestic processes are completed”, Singapore’s Ministry of Trade and Industry said in a statement, referring to the ratification of the pact by their respective parliaments.

Under the agreement, Singapore and Costa Rican companies will enjoy greater access to each other’s markets.

“Singapore will grant immediate duty-free access for all imports from Costa Rica, while Costa Rica would eliminate tariffs for 90.6 percent of its tariff lines upon entry into force of the agreement,” the statement said.

Tariffs on the remaining products would be eliminated over a period of 10 years.

The services and investments chapters cover key areas of interest for Singapore companies, including hotel and restaurant services, private education services, and construction services.

In addition, under the agreement, investors will be assured of protection for their investments.

The statement added that the conclusion of the Singapore-Costa Rica FTA is a sign of the warming bilateral economic relations between both countries, and provides a platform to grow bilateral trade and investments even further.

Bilateral trade hit S$413.7 million in 2009, up 40 per cent from 2004. Singapore’s imports from Costa Rica comprise mainly electronic valves and machine parts, while Singapore exports to Costa Rica were mainly measuring instruments and rubber.