The Free Trade Agreement (FTA) signed between Costa Rica and the United Arab Emirates marks an essential milestone in our country's trade relations with the Islamic world. Here are some key aspects:

The deal could open the door to a market of 19 nations that make up the Arab League, with a total population of 446 million. The United Arab Emirates represents the second most prosperous economy in the region after Qatar.

The FTA will allow Costa Rican exporters preferential access to a market of 10 million consumers with high purchasing power. In 2022, this market's approximate GDP per capita was $51,000.

Costa Rica mainly exports bananas, tropical fruits, medical devices, fibre optic cables, ornamental plants and coffee to the United Arab Emirates. On the other hand, imports include lubricating oils, aluminium products, automobiles, and plastic plates.

The agreement establishes the tariff reduction of 15,390 products. Some goods will have immediate duty removal, while others will follow phase-out timelines ranging from 3 to 10 years.