Meeting between Korean and Costa Rican Trade Ministers: "Expanding Trade and Infrastructure Cooperation through FTA"

[Sejong=Asia Economy Reporter Kwon Haeyoung] Yeo Han-gu, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, held a meeting on the 24th in Seoul with Andres Valenciano Yamuni, Minister of Foreign Trade of Costa Rica, on the occasion of the Costa Rican president's visit to Korea.

Head Yeo stated, "With the full implementation of the Korea-Central America Free Trade Agreement (FTA) in March this year, an opportunity has been created to revitalize trade and investment between the two countries," adding, "As we are making efforts for smooth FTA implementation between the two countries, including holding the first joint committee meeting on the occasion of full implementation, we expect progress such as expanded trade."

Since the Korea-Central America FTA between Korea and Costa Rica came into effect in November 2019, exports to Costa Rica have increased due to tariff reduction benefits. Pharmaceutical products and medical devices exports rose from $8 million in 2016 to $23 million in 2020, and steel exports increased from $2 million to $9 million during the same period.

Costa Rica's coffee imports also increased from $10.1 million to $13.6 million during the same period. The FTA has been evaluated as enabling Koreans to enjoy high-quality coffee at affordable prices.

Head Yeo said, "We hope that the Korea-Central America FTA will continue to contribute to inclusive and sustainable economic recovery after COVID-19 for both countries and also help strengthen economic cooperation between Korea and Costa Rica," adding, "We hope to expand cooperation between Korea's 'Korean New Deal' policy and Costa Rica's '2020-2050 National Development Strategy for an Inclusive and Decarbonized Economy' in areas such as digital, eco-friendly, science and technology, and innovation."

He also emphasized expanding exchanges and cooperation among governments, institutions, and companies of both countries in national infrastructure projects currently being promoted by the Costa Rican government.