Which of the following Trade Agreements Includes Costa Rica
Mexico – Mexico was the first among Costa Rica`s free trade agreements. The pact with its northern neighbour entered into force in 1995. Since then, total trade between the two partners has grown at an average annual rate of 9.5%. Looking at each of the components of trading, the figures show that trading grew by an average of 13.1% in relative terms. Peru – The agreement with this South American country is the second of Costa Rica`s free trade agreements to go live in 2013. Since then, the average growth in total trade between the two countries has been 8.1% per year. After the signing of the free trade agreement with Peru, Costa Rican exports to the country increased by 9.1%, while imports increased at a total annual rate of 11.1%. A reduced tariff rate quota (TRQ) may apply to the following CAFTA-DR products: sugar, dairy products, peanuts, peanut butter, fabrics and clothing. Click here for an overview of the quota. Access the merchandise chart report to see current fill levels. Go to the list of TPL fill thresholds to view almost closed and closed quotas. Costa Rica, a strong democracy with more than five million people and deep ties to the United States, is important to the goals .key United States in the region and is committed to continuing close cooperation with the United States.
It enjoys an excellent trade and investment climate; is one of the strongest and most reliable voices on human rights and the rule of law in Latin America; and has been an excellent partner in the fight against cross-border crime and drug trafficking. The country has a strong tradition of independent journalism and ranks first in Latin America and 7th out of 180 countries on the World Press Freedom Index. What is worrying, however, is the growing challenge of drug trafficking in Costa Rica; In 2020, Costa Rica was again listed as one of the most important transit countries for drugs in Latin America. CARICOM – Among Costa Rica`s free trade agreements that govern relations between Costa Rica and a group of countries is the free trade agreement with CARICOM. CARICOM consists of four countries (Trinidad and Tobago, Barbados, Belize and Guyana). The agreement was signed in 2005. It is estimated that prior to the COVID-19 pandemic, approximately 120,000 U.S. citizens, including many retirees, lived in the country; More than 1.4 million U.S. citizens visit Costa Rica each year. Each year, more than 1,100 Costa Ricans study at U.S. colleges. More than 8,000 U.S.
students study in Costa Rica each year, and Costa Rica is the number one in Latin America for U.S. study abroad programs. Costa Rica`s borders were closed to non-Costa Rican citizens or residents in March 2020. As of September 2020, the country had again allowed travel from just 20 U.S. states. CAFTA-DR strengthens the rights and conditions of workers in the region by enforcing the occupational health and safety to which its employees are entitled under the national laws of the countries. This also applies to the first industrial action under a free trade agreement to ensure that Guatemalan workers can exercise their rights under Guatemalan law. We remain committed to helping Guatemala achieve this result and reaping the benefits of law enforcement to uphold internationally recognized labour rights.
Singapore – Total merchandise trade with Singapore has declined by an average of 12% per year since the signing of the free trade agreement with the Asian country in 2013. While imports of products from Singapore increased by 1.2% in Costa Rica, Costa Rican exports to Singapore decreased by 25.7% per year between 2013 and 2016. Costa Rica`s free trade agreements include trade pacts with: Canada – After the entry into force of the free trade agreement between Costa Rica and Canada, total trade between the two countries grew by an average of 7% per year. Costa Rica`s exports to Canada increased 9.7%, while imports from Canada increased at a rate of 6.2%. Costa Rica is a relatively small country open to trade in goods and services, as well as foreign investment. Until 2016, there were numerous Costa Rican free trade agreements that regulated the country`s trade relations with a total of forty to nine countries. As a result, eighty percent of Costa Rica`s exports go to countries with which the country has free trade agreements. United States – The agreement between the United States and Costa Rica has been one of the most publicly discussed Costa Rican free trade agreements. Total merchandise trade between Costa Rica and the United States has grown at an average annual rate of 4.3% since the free zone came into effect in 2019. Costa Rica`s exports grew at an annual rate of 5.2%, from $2.9 billion in 2009 to $4.2 billion in 2016. Over the same period, imports from the United States also increased, from $4.7 billion to $6.1 billion.
The United States as a destination for Costa Rican exports increased from 34% of Costa Rica`s overseas sales in 2009 to 40% in 2016. The Dominican Republic-Central America Free Trade Agreement (CAFTA-DR) is the first free trade agreement between the United States and a group of small developing countries: our Central American neighbors, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic. DCFTA-DR promotes stronger trade and investment relations, prosperity and stability throughout the region and along our southern border. Chile – Total merchandise trade between Chile and Costa Rica has increased by 10.4% since the entry into force of the free trade agreement between the two countries in 2003. Between 1996 and 2001, trade between Chile and Costa Rica grew at a much slower rate (3 per cent per year). In the period following the free trade agreement, Costa Rica`s exports to its South American trading partner grew by 13 percent year-on-year, while imports grew at an annual rate of 10 percent. The Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) includes the United States and Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua. Implementation dates are between March 1, 2006 and January 1, 2009, depending on the country. Information for U.S.
exporters can be obtained from the Department of Commerce at 2016.export.gov/FTA/index.asp. Most CAFTA-DR goods currently enter the U.S. with Customs and Goods Processing (MPF) fees, and virtually all will be imported free of charge until the agreement is fully implemented on January 1, 2025. Describes the trade agreements in which this country is involved. Provides resources for U.S. companies to obtain information on the use of these agreements. Note: ustr.gov/trade-agreements/free-trade-agreements/cafta-dr-dominican-republic-central-america-fta and www.trade.gov/free-trade-agreements. Costa Rica and the United States belong to a number of the same international organizations, including the United Nations, the Organization of American States, the International Monetary Fund, the World Bank and the World Trade Organization. Costa Rica achieved its eight-year ambition to join the Organisation for Economic Co-operation and Development (OECD) on 15 May 2020. Costa Rica and the United States are parties to the United States-Central America-Dominican Republic Free Trade Agreement (CAFTA-DR), which aims to facilitate trade and investment and promote regional integration by eliminating tariffs, opening markets, removing barriers to services and promoting transparency. CAFTA-DR contains a chapter on investment, similar to a bilateral investment treaty with the United States. Each publication contains the General Note to the Harmonized Tariff Schedule of the United States (HTSUS) with the General and Specific Rules of Origin, a list of all goods that became duty-free upon entry into force, and the plan for phasing out goods that become duty-free over time.
The U.S. Strategy for Central America guides U.S. diplomatic efforts and foreign aid in the region. The strategy is a multi-year bipartisan U.S. government plan for the seven Central American countries (Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama). The strategy aims to secure U.S. borders and protect U.S. citizens by addressing the security, government, and economic factors of illegal immigration and cross-border crime, while increasing opportunities for the United States.