His Excellency Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, has welcomed HE Manuel Tovar, Minister of Foreign Trade for Costa Rica, to the UAE and held talks on deepening the two countries’ trade and investment ties. They also discussed global trade priorities in the build-up to the World Trade Organisation’s 13th Ministerial Conference (MC13), which will be hosted in Abu Dhabi in February 2024.
Economic ties between the UAE and Costa Rica have developing rapidly in recent years, helped by the establishment of the Costa Rican Embassy in Abu Dhabi in 2017. In 2022, non-oil bilateral trade climbed to US$58.7 million, representing an increase of 19% from 2021.
The two economies also share similar growth trajectories. Costa Rica has proven to be one of Latin America’s most resilient economies, recovering strongly from the global pandemic to register the fourth-fastest GDP increase on the continent in 2022 according to the OECD, with growth projected to hit 2.3% in 2023. Importantly, exports continue to be a key driver of their economy and a key means of mitigating the impact of inflation; the near-100% contribution of renewable energy to its electricity generation also means it is now a global leader in low-carbon exports.
His Excellency Dr Thani Al Zeyoudi believes the UAE-Costa Rica partnership can offer substantial opportunities for investors and further consolidate the ties between the UAE and Central America. “Costa Rica is a dynamic, innovation-based economy with considerable synergies with our own. With its focus on foreign exports to drive trade and stimulate its post-pandemic recovery, its surging tourism sector, and global renewable energy leadership, Costa Rica is a partner of considerable potential for the UAE – whether or trade, investment or knowledge-sharing in priority sectors.
“We also welcome their insight and support on matters of global trade as we seek to build consensus on issues such as dispute resolution, food security, digital trade, and sustainability, which will all be high on the agenda at MC13 next year. The UAE is keen to work in close collaboration on all fronts and elevate our partnership in the months and years ahead.”
HE Manuel Tovar expressed his delight at the positive nature of the discussions – and the growing ties between Costa Rica and the UAE. “Our two nations have much in common, and much to learn from each other, particularly as we both look to expand our foreign trade networks. With that in mind, we are keen to support the UAE’s chairmanship of next year’s MC13 and believe we can help deliver lasting change on some of the important issues facing the multilateral trading system and deliver a transparent, inclusive and rules-based global trading environment for us all.”
