China-Costa Rica FTA Comes into Force

by 5m Editor
3 August 2011, at 11:14am

CHINA/COSTA RICA - A Free Trade Agreement (FTA) between China and Costa Rica cameinto force on 1 August - the 10th FTA China has reached.

More than 90 per cent of goods trade between China and Costa Rica will enjoy zero tariff on a stage-by-stage basis.

For China, goods trade covers products from textile industry, light industry, machinery, electronics, vegetables and fruits, automobiles, chemicals, hide and leather.

For Costa Rica, it covers coffee, beef, pork, pineapple juice, frozen orange juice, jam, fish powder, minerals and hides.

The agreement also covers service sectors.

The China-Costa Rica FTA negotiation was launched in January 2009. After intensive negotiations for more than a year, the two parties signed the agreement in April 2010.

"The negotiation and signing of China-Costa Rica FTA showed the determination of China and Costa Rica in strengthening cooperation and joining efforts for mutual benefits and win-win outcome," said the Chinese Ministry of Commerce.

"The implementation of the agreement will deepen bilateral cooperation in goods trade as well as cooperation in services and investment, and shall further enhance the development of bilateral relations."

The ministry said that Costa Rica has become China's important trading partner in Central America, while China is Costa Rica's second-largest trading partner after the United States.

According to statistics by China’s Customs, bilateral trade reached US$ 3.8 billion in 2010, up by 19.2 per cent of that in 2009, of which China export to Costa Rica was US$ 690 million, and China import from Costa Rica was US$ 3.11 billion.