Canada, Costa Rica conclude latest FTA talks
Tax News | 07 September 2012
Canada, Costa Rica conclude latest FTA talks
by Mike Godfrey, Tax-News.com, Washington
Canada and Costa Rica have concluded the fifth round of talks towards the modernization of their existing free trade agreement (FTA).
According to Canada’s International Trade Minister Ed Fast, an expanded agreement will give Canadian businesses and workers new opportunities and a competitive edge in fast-growing Latin American markets.
The original Canada-Costa FTA entered into force in 2002. However, it did not include provisions on cross-border trade in services, financial services and government procurement.
Since 2006, Canada has concluded trade agreements in the Americas with Peru, Colombia, Panama and Honduras. Over the same period, two-way merchandise trade with Central America has risen by 16.7%.
Costa Rica has been Canada’s third-largest trading partner in Central America since 2009. It accounted for 11.8% of Canada’s trade with the region in 2011.
“As a result of an expanded free trade agreement, new opportunities would be created for Canadian businesses and their workers in services, including financial services, and government procurement. This means deeper trade and long-term prosperity for hard-working people in Canada and for those in the growing number of our trading partners in the Americas,” Fast added.
