During a tour of Asia, Costa Rica announced that it aims to advance its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a statement from the Central American country’s government.
In Japan, Costa Rican Vice President Stephan Brunner sought the Asian nation’s backing for Costa Rica’s accession to the agreement, emphasizing that joining the pact would grant Costa Rica access to significant markets such as Japan— the world’s fourth-largest economy— and provide Tokyo with a new Central American trading partner with shared values and principles.
During his visit to Vietnam, Foreign Trade Minister Manuel Tovar met with his counterpart Nguyễn Hồng Diên to strengthen bilateral trade and investment relations.
Tovar stated that Costa Rica views the CPTPP as the “gold standard” of global trade agreements, advocating for a more open, inclusive, progressive, sustainable, and resilient trade framework. Therefore, Costa Rica’s request to join the agreement represents a natural evolution and strategic advancement.
The CPTPP includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, making it one of the largest free trade areas in the world. Once the United Kingdom becomes a full member of the treaty, it will encompass 589 million consumers and approximately 15% of global GDP.
“We are at a pivotal moment in Costa Rica’s trade agenda, as we strengthen our ties with Vietnam and seek to join the CPTPP,” said Tovar, who presented a letter officially recognizing Vietnam as a market economy, a step towards enhancing trade relations.
“This partnership and agreement will not only solidify our presence in the Asia-Pacific region but also align us with some of the world’s most dynamic economies. By recognizing Vietnam as a market economy, we are opening new avenues for mutual growth,” the official remarked.
Over the past decade, bilateral trade in goods between the two countries has experienced an annual growth rate of 11.5%, according to data from the Central Bank of Costa Rica (BCCR, by its spanish initials).
Costa Rica’s main exports to Vietnam include medical devices, electrical cables, teak, integrated electronic circuits, plastic packaging products, and prepared or preserved citrus fruits.
Source: Bloomberg Línea
