Costa Rica- Tag Archives - Business News and Updates


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Overview: Trade Relations Between the United States and Costa Rica

Overview: Trade Relations Between the United States and Costa Rica

The United States and Costa Rica have maintained a relatively close trade relationship throughout its history. According to the Embassy of the US in Costa Rica, this relationship was born in 1851 and reinforced in 1852, when the “Treaty of Friendship, Commerce and Navigation” between both countries came into effect. Interactions between both countries cover diverse trade matters and allow them to benefit and strengthen their commercial and diplomatic relations. Costa Rica receives from the US government collaboration on mainly maritime security issues where there are joint patrol agreements and for which Costa Rica received a donation of around 40.7 million dollars in 2019. Likewise, there is mutual cooperation on environmental and conservation matters, reflected in the economic contributions called "debt swaps" through which the United States forgave Costa Rica's debt on the condition that it invest in environmental protection and conservation of tropical forests. Learn about the most important aspects of trade relations between the US and Costa Rica.  Cooperation strategy with Costa Rica The 'United States Integrated Country Strategy for Costa Rica' seeks to develop a common set of objectives in which the State Department and other US agencies, such as the United States Agency for International Development (USAID), can participate. This strategy concentrates mostly on the following aspects: “Our countries must continue to focus on the goal we have in common" Citizen security Among the donations and resources received by Costa Rica from the US in terms of security, the...

Produce Exports in Costa Rica Show Promising Future

Produce Exports in Costa Rica Show Promising Future

Although Costa Rica is a small country, it is considered as one of the most attractive destinations in Central America for foreign investment. Costa Rica holds a strategically advantageous geographic location, with ease of access to the main economic powers in the region through comprehensive maritime logistics. The country has been no stranger to the economic impact of Covid-19 on certain industries. However, there have been new recovery initiatives designed to positively reinvent . Where different industries have successfully implemented telework, new businesses have quickly implemented virtual platforms to continue working. Currently, Costa Rica shows a promising future in the trade, production, and services sector. Costa Rica's promising export sector Costa Rica holds a strategically advantageous geographic location. According to Pedro Beirute, director of Procomer "in addition to traditional tropical fruits such as pineapple, apple, banana and mango, Costa Rica exports a wide variety of tropical fruits, such rambutan, pitahaya, star fruit, and uchuva". Furthermore, the largest consumer of Costa Rican fruits is the United States, as its imports from Costa Rica comprise 42.2% of products exported from the country. The United States consumes four times the amount required by the second-largest importer of Costa Rican fruits". Likewise, The United States is Costa Rica'smain trading partner, as confirmed by data from the Central Bank of Costa Rica and the Ministry of Foreign Trade. The country produces globally famous coffee According to the presidency of Costa Rica, the...

July 2020 Regulatory Update: South and Central America

July 2020 Regulatory Update: South and Central America

Our professionals report notable regulatory updates for July 2020. Biz Latin Hub’s team of legal and accounting specialists operating across all key markets in Latin America report the following notable regulatory updates for July 2020 in Bolivia, Brazil, Chile, Costa Rica, Guatemala, Mexico, Panama, Paraguay, and Uruguay. We support foreign companies in Latin America comply with all corporate regulatory compliance obligations to ensure their success in new markets. For more information on how we can support your regulatory and annual compliance needs, contact us today. Bolivia RegulationDetailsOfficial Statement N° 37/2020   On 14 July, the Ministry of Labor announced that daily labor activities in private and public entities can last for up to 6 hours. Companies must alternate staff between working in their designated office and home-office working arrangements. Brazil RegulationDetailsOrdinance 340Prohibition of entry of foreigners in Brazil from 1-30 July.    Exceptions: 1. Immigrant with permanent residence; 2. Foreign professional on mission in the service of an international organization, as long as duly identified; 3. Passenger in international transit, as long as the passenger does not leave the international area of the airport and the country of destination admits his ticket; 4. Foreign employee accredited to the Brazilian Government; 5. Foreign national, spouse, son, daughter, father, mother or curator of a Brazilian; whose entry is specifically authorized by the Brazilian Government in view of the public interest or for humanitarian...

Nicholas Baker, Trade Commissioner & Counsellor Commercial at Austrade, Shares Insights on Australian Trade Connections and Opportunities

Nicholas Baker, Trade Commissioner & Counsellor Commercial at Austrade, Shares Insights on Australian Trade Connections and Opportunities

Dr Baker shares his insights on Austrade's new client services and trade opportunities in Latin America post Covid-19. This month, Biz Latin Hub’s Chelsea Heywood was privileged to connect with Dr Nicholas Baker, Trade Commissioner and Counsellor Commercial for Australia’s Trade and Investment Commission (Austrade), based in Mexico, Central America and the Caribbean. Dr Baker shares his insights on Austrade’s new client services and trade opportunities in Latin America post Covid-19. Learn about Dr Baker’s experience as a trade professional and the efforts of Austrade to strengthen trade ties in Mexico, Central America and the Caribbean. You have extensive experience in supporting Australia’s trade relations from a number of posts in Europe, South America, and now Central America and the Caribbean. What drives your passion to develop Australia’s trade relations? Helping Australia increase its exports, encouraging productive foreign investment and attracting more international students to be part of Australia’s amazing education sector seem like pretty lofty goals; or almost like motherhood statements. In reality, what has driven me and continues to drive me is that trade, investment and education are linked to people, to aspirations, to innovation, to values, building relationships and bringing something new or different to a country or a region.  Then there is the prosperity it creates, not only in monetary terms but also the exchange of new ideas and transfer of technology that international trade and investment can create. International business is all about expanding...

Why Should US Companies Do Business in Costa Rica?

Why Should US Companies Do Business in Costa Rica?

There are multiple benefits for US companies doing business in Costa Rica. The country offers to foreign investors a politically stable environment, closeness to major cities in the world, and an international reputation that precedes it in education, tourism, technological, manufacturing and service matters. Plus, businesses have a number of options when expanding into the country. These attributes undoubtedly generate a powerhouse for US companies doing business in Costa Rica. In this article, we outline 5 reasons why US companies should be doing business in Costa Rica. 1. Educational system strengthened as a competitive advantage Costa Rican students have access to high quality educational institutions. Costa Rica has one of the strongest educational systems in the region. A free and compulsory system guarantees access to basic education for the entire population. This allows all people to have better academic preparation and to become a skilled workforce for several areas of job development. Costa Rican students also have access to technical studies and diplomas from the best educational institutions. Some examples are the National Institute of Apprenticeship, the Technical Universities and Higher Study Centers. In these institutions, Costa Ricans can become professionals and qualified labour for the various industries. This is why the strengthened Educational System of Costa Rica is a competitive advantage for US companies doing business in Costa Rica. 2. Excellent geographic location and excellent connectivity The excellent geographical location of Costa Rica...

What is the Nature of Canada-Latin America Relations?

What is the Nature of Canada-Latin America Relations?

Canadian companies looking to expanding their businesses should consider the opportunities available to them through strengthening Canada-Latin America relations. This means they ought to think about the commercial and bilateral trade and opportunities and agreements granted by the developing relationships between Canada and key Latin American markets. Canada-Latin America trade relations have been interlocked for many years and continue to promote and support each other in economic, social and political endeavours. Free Trade Agreements (FTAs) have allowed the globalized north and south to strengthen their access to each other’s markets abroad and important benefits. BizLatin Hub provides an extensive comprehension of commercial and trade relations between Canada and Latin America. Continue reading to understand further about how BizLatin Hub can help your business expand into Canada or Latin America. The core of Canada-Latin America trade and commercial relations  NAFTA has enabled Canada to sign trade agreements with nations in the region. The foundations for trade and commercial relations between Canada and Latin America were laid down for hundreds of years. However, these relations intensified when the North America Free Trade Agreement was signed in 1992 and then later came into force in 1994. The North American Free Trade Agreement (NAFTA) links Canada’s economy to the rest of the Americas like never before.  NAFTA is defined as a free-trade region between the United States, Latin America, and Canada. The establishment of NAFTA has enabled Canada to sign trade...

Colombia and Costa Rica Join the OECD: What Does This Mean?

Colombia and Costa Rica Join the OECD: What Does This Mean?

The Organisation for Economic Co-operation and Development (OECD) is an international organization with the aim of designing policies for a better way of carrying out development and economic co-operation. These policies would bring prosperity, equality, opportunities, and well-being for everyone. The OECD works with the organization’s member governments to set international standards to produce solutions too different social, economic, and environmental challenges. They are described as “a single forum, a knowledge center for data collection and analysis, sharing of experiences and good practices”. Currently, the organization counts 38-member states, including Colombia and Costa Rica, who became members 37th and 38th respectively. Colombia: the journey to the OECD In 2020, Colombia became an official member of the OECD. Colombia began its journey to join the OECD in 2011 when its President, Juan Manuel Santos, showed interest in their country becoming a member state of the organization. Between 2013 and 2018, the 23 OECD committees worked on technical reviews in order to determine the viability on behalf of the Colombia Government to make the necessary modifications to access membership of the organization. In 2014, the country took the necessary actions for its accession to the organization. These included the issuing of a memorandum on legal instruments applicable to the country by the Organization which grants immunity to the members to carry out their duties as independently as possible. It was in 2018 when Colombia received a formal invitation to become a member...

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