Costa Rica on Monday signed a Free Trade Agreement with the European Free Trade Association (EFTA), an organization that includes Switzerland, Norway, Iceland and Liechtenstein.
Foreign Trade Minister Anabel González confirmed the agreement via social media.
González said the agreement, "will help create new opportunities for trade and investment, strengthen bilateral relationships and build a closer partnership."
According to Costa Rica’s Foreign Trade Promotion Office (PROCOMER), exports to these countries have been practically nonexistent, as only sporadic shipments were registered in 2011 and none in 2012. However, PROCOMER said there are some 450 local products with high export potential. The majority of these are agricultural products, including bananas.
The Foreign Trade Ministry reported that the agreement is a continuation of the Association Agreement with the European Union that is currently awaiting approval in a second round of debate at the Legislative Assembly, and that would allow Costa Rica to establish trade links with the entire European region.
