Costa Rica is aiming to join the North American Trade Pact
Costa Rica has informed the United States that it is interested in joining the North American Trade Pact between the United States, Mexico and Canada.
This was announced by President Rodrigo Chaves on Wednesday (14th). Chaves said he has sent a message to the White House expressing his desire to join the US-Mexico-Canada Trade Agreement (USMCA), the modern twist on the quarter-century-old North America Free Trade Agreement (NAFTA).
“If you want to stay close to the country and share values, we need to strengthen ties and improve business opportunities and growth in the United States,” Chaves said at a news conference after meeting Chris Dodd, US President Joe Biden’s special adviser for the American continent.
Dodd confirmed that he had spoken with Chaves about ways to promote economic ties, but did not comment on Costa Rica’s potential entry into the North American Trade Pact.
Costa Rican Trade Minister Manuel Tovar said the talks were at an “exploratory stage,” adding that potential inclusion in the USMCA would not be inconsistent with current membership of the United States-Central America Trade Agreement (CAFTA).
“We are evaluating the possibilities,” Tovar said, adding that membership of the trade pact would give Costa Rica a “huge advantage” and provide another strategic link to global supply chains.
According to the US State Department, the United States is Costa Rica’s largest trading partner. They account for thirty-eight percent of the Central American country’s imports and forty-two percent of its exports.
Ten bilateral and five multilateral trade agreements are currently in force in Costa Rica.
Chaves, who came to power in May, wants to expand the country’s trade opportunities, is also negotiating a free trade agreement with Ecuador and is pushing ahead with plans to join the Pacific Alliance.
With information from latinapress
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