China and Costa Rica held their fifth round of negotiations for the conclusion of a Free-Trade Agreement (FTA) earlier this month in Beijing.
Diplomatic relations between China and Costa Rica were officially established in 2007 and the launch of the talks was jointly announced during Chinese President Hu Jintao’s visit to Costa Rica in November 2008.
The fifth round of negotiations included exhaustive talks on improved market access for trade in goods and services and opinions were exchanged on several trade-related topics including rules of origin, customs procedures, technical trade barriers, sanitary and phytosanitary measures, dispute settlement, transparency, trade remedy, intellectual property rights and cooperation.
Both sides considered that substantial progress and a solid foundation for the follow-up talks had been achieved, expressing their desire to conclude the negotiations by next year.
Costa Rica is China's largest trade partner in Central America, and China is Costa Rica's second largest trading partner. Bilateral trade has increased steadily in recent years to a volume of 2.89 billion dollars last year, representing a 32-fold increase over the level in 2001. China and Costa Rica are considered to have a highly complementary trade mix and are therefore trying to further strengthen economic and trade cooperation.
Source: Chinese Ministry of Commerce