The modernization of the Free Trade Agreement (FTA) between Canada and Costa Rica is in its final stages after progress was made in a fourth round of negotiations last week.

This was announced yesterday by the Ministry of Foreign Trade (COMEX). Details related to market access are still pending.

Costa Rica has emphasized its interest of including products in the trade-free zones to eliminate taxes, or tariffs.

Costa Rica also intends to allow Canada to make textiles with intermediate products (buttons, fabric, yarn, zippers) imported from countries in the region that qualify for the benefit of free trade. This is called ‘the rule of flexible origin’.

Canada intends to give Costa Rica greater and better access to agricultural products.

During the past week they’ve completed the chapters of technical barriers of the initial trade provisions, including the preamble, objectives, administration of the treaty, trade in services, temporary entry of business, financial services, government procurement and customs procedures.

It also closed a section on cooperation that was included in the administration section of the treaty and a section on monopolies and state enterprises to be included in the competition chapter, detailed the COMEX.

The FTA with Canada has been active since November 7, 2002. Now the two countries are modernizng the trade deal, which should enhance opportunities for both countries.

Source: Costa Rica North