UAE And Costa Rica Sign Trade Deal, UAE President Says

• The United Arab Emirates and Costa Rica have signed an agreement that will help improve bilateral trade and investment ties, UAE President Sheikh Mohammed bin Zayed Al Nahyan said on Thursday, April 18.
• The Middle Eastern and Central American countries signed a Comprehensive Economic Partnership Agreement (CEPA), the president said in a post on social media platform X.
• CEPAs signed by the UAE are broad free trade agreements that typically include clauses covering investment and services.
• Bilateral non-oil trade between the two countries was worth $65Mn in 2023, up 7% on the previous year, according to a report carried by UAE's state news agency on the CEPA signing. The UAE is a major international re-export hub that handles goods being sent to and from Asia, Africa, Europe and elsewhere.
• This agreement will allow Costa Rica greater access to markets and trade opportunities in the UAE, which could likely result in improvements in its external account and international reserves if exports improve.

 (Sources: Reuters & NCBCM Research)