Costa Rica, China Sign Free-Trade Deal
China and Costa Rica signed a Free Trade
Agreement in Beijing on Thursday to remove
trade barriers and enhance bilateral ties.
The agreement was the first free-trade pact
inked between China and a Central American
country, and would help both sides tap into
each other's market, as well as other
markets in Asia and Central America.
After getting approval in both countries,
the pact will come into effect later this
year. The deal will lift duties on 99
percent of Costa Rican exports to China
including its high-quality coffee and other
agricultural products. Meanwhile, 90 percent
of Chinese imports, including electronics
and appliances, will be exempt from tariffs.
As for tertiary industries, Costa Rica will
further open 45 sectors to China, and enter
7 in the country.
Chen Deming, Commerce Minister, said, "The
signing of the agreement has great meaning
in the background of financial crisis. It is
the first free trade pact signed between
China and a Central American country. It
also shows China's determination to uphold
openness and free trade."
In 2009, trade between China and Costa Rica
surged to about 3.2 billion U.S dollars,
growing over 10 percent from the previous
year. Currently, China has become the second
largest trade partner of Costa Rica.
China also has free-trade deals with
Pakistan, New Zealand, Singapore and Asian
members.
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