Eduardo Ugalde
General Director & Founder Partner. Business Strategy | Strategic Marketing & Advertising | Commercial Excellence & Operations | Business Transformation (Digital Evolution) | Commercial Project Management
The recent ratification of the Comprehensive Economic Partnership Agreement (CEPA) between the United Arab Emirates (UAE) and Costa Rica marks a significant milestone in the economic relations between the two nations. This landmark agreement, celebrated in a high-profile event organized by the Dubai-Costa Rica Business Council in collaboration with Dubai Chambers and PROCOMER, is set to usher in a new era of trade and investment opportunities.
A Historic Partnership
The UAE-Costa Rica CEPA is a pioneering accord, being the first of its kind between the UAE and a Latin American country. Signed in 2024 and entering into force on April 1, 2025, the agreement aims to eliminate or reduce tariffs on a wide range of goods, simplify customs procedures, and enhance market access for services and investments. It is designed to support growth in priority sectors, including renewable energy, logistics and infrastructure, advanced manufacturing and technology, food security and agribusiness, and tourism and hospitality.
Celebrating Economic Synergy
The celebratory event in Dubai brought together key figures such as H.E. Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and H.E. Manuel Tovar Rivera, Costa Rica’s Minister of Foreign Trade. Both ministers underscored the agreement’s potential to deepen economic collaboration. Dr. Al Zeyoudi highlighted that the CEPA serves as a gateway to new opportunities in trade, investment, and innovation, while Minister Tovar emphasized that the agreement reflects Costa Rica’s commitment to market diversification and expanding export opportunities.
Strengthening Bilateral Trade
The CEPA is expected to accelerate the momentum of non-oil trade between the UAE and Costa Rica, which reached US$82.6 million in 2024, marking a 27.5% increase compared to the previous year. By facilitating the movement of goods and services and fostering private-sector collaboration, the agreement aims to unlock new investment opportunities and further enhance economic ties.
Opportunities for Businesses
For businesses in both countries, the CEPA opens doors to a plethora of opportunities. Costa Rican industries, known for high-value products such as medical devices, agricultural goods, and advanced manufacturing components, will gain improved market access to the UAE and its global trade corridors. Conversely, the UAE’s world-class logistics network and free trade zones provide Costa Rican businesses with a strategic gateway to expand into global markets.
Conclusion
The ratification of the UAE-Costa Rica CEPA signifies a transformative step in the economic partnership between the two nations. By removing trade barriers and fostering cooperation in key sectors, the agreement lays the foundation for a new era of mutually beneficial economic prosperity, driving innovation and growth for both countries.
We at Right Hand Business Consultancy are not only committed to keeping you informed about the latest economic developments but also actively involved in shaping business opportunities. As a proud member of the Dubai-Costa Rica Business Council, we are at the forefront of fostering trade and investment between both nations. If you’re looking to navigate and leverage the UAE-Costa Rica CEPA, our expert team is here to support your business growth. Contact us today to explore how we can help you succeed.
