China Costa Rica Free Trade Agreement Text
- Posted on September 14, 2021
- in Uncategorized
- by admin
In recent years, bilateral trade between the two countries has grown rapidly. In June 2007, China and Costa Rica adopted diplomatic relations. In November 2008, Chinese President Hu Jintao visited Costa Rica and announced with Costa Rican President Oscar Arias the opening of free trade negotiations between China and Costa Rica. On August 2 – the Free Trade Agreement (FTA) between China and Costa Rica – China`s first bilateral free trade agreement with a Central American country – officially entered into force on August 1. As important trading partners, the two countries believe the new free trade agreement will help strengthen mutual trade relations and significantly increase trade opportunities. In the meantime, the text of the RCEP is available on the website of the rcep secretariat: rcepsec.org/legal-text/ RCEP requires the ratification of 6 of the 10 ASEAN member states and 3 out of 5 ASEAN-FTA partners for the agreement to enter into force. Therefore, the timing of implementation depends on the internal processes of ratification of the agreement by the relevant RCEP partners. In addition to duty-free entry for products, the two countries agreed to open the services sectors to bilateral free trade and mutual investment. Costa Rica will offer free services in 45 sectors, including telecommunications, business services, construction, real estate, distribution, education, environmental services, information technology (IT) and tourism, while China will open seven sectors, including IT services, real estate, market research, translation and interpretation, as well as sports. .