Caricom Costa Rica Free Trade Agreement

Posted by

As a result of the implementation of free trade relations between Costa Rica and the Dominican Republic, total merchandise trade between the two nations has increased by an average of 10.2% since 2002. The decision to sign this agreement was underpinned by the need for the parties, inter alia, to improve their existing trade relations and create opportunities for economic development. The recent bilateral agreement between CARICOM and the Spanish-speaking countries of the hemisphere is the CARICOM-Costa Rica Free Trade Agreement, signed on 9 March 2004 and ratified in June 2006. Under this agreement, the CARICOM MEMBER States of Barbados, Guyana, Jamaica, Suriname and Trinidad and Tobago, as well as Costa Rica, have agreed on preferential reciprocal market access for a number of products (products). The agreement provides for preferential access to a wide range of products. Some sensitive products have been excluded from free trade and a specific list of products has been granted differentiated market access between Costa Rica and each of the CARICOM MDCs. There is also a list of goods on a tariff phase-down list. This progressive tariff reduction list is no longer relevant as the period of product liberalisation has expired. The first meeting of the Joint Council between the parties was held on 17 June 2015 and ended on 18 June 2015.The Joint Council discussed the main issues relating to non-tariff barriers, the treatment of certain agricultural products, contact points, services and transport. The CARICOM/Costa Rica Free Trade Agreement, adopted on 9 August 2004, entered into force in Barbados on 1 August 2004 by an administrative agreement until it entered into force by law adopted on 5 April 2006. The agreement provides for the immediate elimination of customs duties or a gradual reduction of customs duties on all products except those that have been considered sensitive. . .