China-Costa Rica Free Trade Agreement
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E-mail China.org.cn, December 29, 2015
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Then Chinese Commerce Minister Chen Deming (R, front) and his Costa Rican counterpart Marco Ruiz shake hands while signing a Free Trade Agreement (FTA) in Beijing, capital of China, April 8, 2010. [Xinhua] |
The China-Costa Rica Free Trade Agreement (FTA) was put into effect on August 1, 2011. FTA negotiation was launched in January 2009 following then Chinese President Hu Jintao's visit to the Central American country in November 2008. After intensive negotiations for more than a year, the two sides signed the FTA agreement in April 2010.
As for the trade of goods, at least 90 percent of the goods from both sides will gradually enjoy zero tariff access to each other's markets. As for the service trade, Costa Rica will further open 45 sectors to China, including the telecommunications, education, and tourism sectors, while China will further open seven service sectors to Costa Rica.
Bilateral trade between China and Costa Rica grew to US$5.3 billion in 2014, a 145-percent increase over 2006.
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