China-Costa rica Free Trade Agreements

“China – Costa Rica Free Trade Agreement” by the two sides in friendly consultations and confirmed in writing, in August 1, 2011 came into effect, as China reached and implemented the 10th FTA.

China – Costa Rica FTA covers a comprehensive and open level.

Tariff in the FTA

In the field of trade in goods, China-Costa Rica will implement zero tariffs on more than 90% of its products in phases and move into the “zero tariff era”.

FTA signed the scope

China’s textile raw materials and products, light industry, machinery, electrical equipment, vegetables, fruits, automobiles, chemicals, raw fur and leather products and Colombian coffee, beef, pork, pineapple juice, frozen orange juice, jam, fish meal, Products, raw hides and other products will benefit from the tax cuts.

On the basis of their respective commitments to the WTO, Costa Rica will be open to the Chinese side in 45 sectors or sub-sectors such as telecommunications services, business services, construction, real estate, distribution, education, environment, computer and tourism services, China is further open to Costa Rica in seven sectors or sub-sectors such as computer services, real estate, market research, translation and interpreting, sports and so on.

The two sides also reached broad consensus on intellectual property, trade remedy, rules of origin, customs procedures, technical barriers to trade, health and phytosanitary measures, cooperation and many other areas.

FTA signed timetable

China – Costa Rica FTA negotiations were officially launched in January 2009. After more than a year of intensive consultations, China-Costa Rica signed the FTA in April 2010.

The negotiations and signing of the China-Costa Rica Free Trade Agreement reflect the determination and confidence of China and Costa Rica through strengthening cooperation and deepening economic and trade relations and working together to achieve mutual benefit and win-win results.

China – Costa Rica FTA prospects

The formal implementation of the China-Costa Rica Free Trade Agreement will lead to deepening cooperation in bilateral trade in goods, services and investment, and inject new vitality and connotation into the further development of bilateral relations between the two countries.

In recent years, China – Costa Rica has made good cooperation in bilateral trade, investment and contracted labor, and bilateral economic and trade exchanges have shown a rapid development trend.

Costa Rica has become an important trading partner of China in the Central American region, and China has become the second largest trading partner of Costa Rica after the United States.

According to China Customs statistics, China – Costa Rica bilateral trade volume reached 3.8 billion US dollars, up 19.2% over the previous year, of which China exported 690 million US dollars, imports 3.11 billion US dollars. Costa Rica is increasingly becoming one of China’s major investment and trading countries in the Central American region.

China has gradually expanded the scope of FTA

So far, China has signed and implemented a free trade agreement with ASEAN, Chile, Pakistan, New Zealand, Singapore, Peru and Costa Rica. At the same time, the Mainland and Hong Kong and Macao signed and implemented a Closer Economic Partnership Arrangement (CEPA). The mainland and Taiwan signed and implemented the Cross-Strait Economic Cooperation Framework Agreement (ECFA).

China has also negotiated with the Australia, the Gulf Cooperation Council (including Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Qatar and Bahrain 6 countries), Switzerland, Norway, Iceland and other countries and regions.

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