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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...

Claudio Ramirez, Canadian Trade Commissioner for Colombia, Discusses Trade Relations and Business Opportunities

Claudio Ramirez, Canadian Trade Commissioner for Colombia, Discusses Trade Relations and Business Opportunities

Claudio Ramirez shares his perspective on the nature of the Canada-Colombia relationship and his team's success in promoting Canada as an important partner for Colombia. Find out about the current trade relationship and business potential between Canada and Colombia from Canada's Trade Commissioner to Colombia, Claudio Ramirez. Biz Latin Hub’s Chelsea Heywood had the pleasure of connecting with Claudio to gain his insights on the bilateral trade relationship, and what Colombia can offer Canadian businesses expanding into Latin America. Claudio also shares his perspectives on the future of the relationship between these two countries and the Trade Commission's success in promoting Canada as an important partner for Colombia. 1. Could you tell us about your background with Global Affairs Canada, and what led you to take up the role as the Canadian Trade Commissioner in Colombia? I joined the Canadian Foreign Service in 2001, mere weeks after 9/11, which plunged the world into a major crisis: that of global terrorism. At that time, just like in today’s crisis (the Covid-19 pandemic), political leaders were quick to recognize that an economic recovery would require more trade between nations, not less. Back then, some 160 members of the World Trade Organization came to an agreement to launch of the Doha Round, which aimed to lower trade barriers and to reform to trade rules in order to promote economic development.  Thus, from the outset of my career in the Canadian diplomatic corps, I have always been attracted by the profound impact that doing business across borders...

Commitments Between New Zealand, Singapore, and Key Trading Partners

Commitments Between New Zealand, Singapore, and Key Trading Partners

During the COVID-19 outbreak, commitments have been made between New Zealand, Singapore, and a number of key trading partners. These commitments include mainly about the trade lines they have. The pandemic has created significant disruption to the global economy and world trade, as production and consumption are set back across the globe. Businesses are facing significant challenges and need to adapt rapidly. Many governments are trying to navigate their economy through this crisis with several measures. Recently, New Zealand and Singapore have agreed to support their trade lines. They welcomed Canada, Australia, Chile, Brunei, and Myanmar to keep supply chains open and remove any existing trade-restrictive measures on essential goods. This agreement supports recent attempts the country has made to boost trade with key Latin American partners. Trade relations between New Zealand and Asian partners The majority of New Zealand companies export to Singapore as a strategic entry point and regional headquarters for further engagement with China and India. Singapore is one of New Zealand’s biggest trading partners and the seventh-largest export market. The majority of New Zealand companies export to Singapore as a strategic entry point and regional headquarters for further engagement with China and India. Furthermore, in 2000 Singapore and New Zealand agreed upon signing a Closer Economic Partnership (CEP) to boost New Zealand exports to Singapore. These have been multiplied over the past 10 years and increased by over 50% according to NZTE (New Zealand Trade and...

Overview of the Dominican Republic’s Free Trade Agreements

Overview of the Dominican Republic’s Free Trade Agreements

The Dominican Republic is member of numerous free trade agreements. In addition, the country has established more than 50 free trade zones, the “Zonas Francas”. More than 500 companies are still operating actively in these zones, taking advantage of various tax exemption for 15 years. As the country's economy mainly depends on exports, the country primarily designated these zones for export production. Approximately half of the companies engage in textile and clothing production for the US market. Furthermore, the Dominican Republic produces agricultural products, in particular sugar. The Dominican Republic has more than 50 free trade zones, the “Zonas Francas,” where 500 companies are utilizing tax exemptions to support exports. The Dominican Republic was, for a long period, one of the fastest-growing economies in the world. Since 1992, the country has shown economic growth of over 5% per year. After 2001, economic growth has slowed as a result of the recession in the US, high oil prices, and falling prices for its export products. In 2018, the share of the various sectors in the gross national product was as follows: agriculture and fisheries 5.15%, industry 28.81%, trade, transport, finance, communication and other services 58.63%. However, economic growth has recently stagnated due to the credit crisis. In the years 2010 to 2013, the economy grew by an average of 2%. In 2017, growth is around 5%. Tourism and free trade zones generate the most income. The average GDP per capita in 2018 is USD 7750.93 per year. We give an overview of the Dominican Republic free trade...

Potential for Stronger Colombia-China Trade Relations

Potential for Stronger Colombia-China Trade Relations

In recent years, market observers have recognized a high potential for stronger Colombia-China trade relations. As many know, China is the second-largest economy in the world. Colombia is the fourth-largest economy in whole Latin America. A pairing like this offers strong potential trade channels for exporters and importers operating in Colombia.In the last decade, all of Latin America’s economies have grown more accustomed to receiving Chinese investment and commercial attention. China is the biggest trading partner for Brazil, Chile and Peru. As part of that, Brazil received US$66 billion in Chinese investment, Peru US$25 billion and Chile US$9 billion. Chinese trade with Latin America jumped to US$225 billion in 2016 from US$12 billion in 2000, according to Jason Marczak, Director at the Atlantic Council. We outline the potential for a stronger context for Colombia-China trade relations and opportunities for multinationals to enter the market. Overview: current Colombia-China trade relations With Colombia-China trade relations strengthening in recent years, China has become Colombia's second-largest trading partner. Colombia is now China's fifth-largest trading partner in Latin America. In 2018, Colombian imports from China reached US$4.06 billion. Top 10 imports from China in 2018 include (table adapted from TradingEconomics): Colombia imports from China in 2018ValueMineral fuels, oils, distillation products$3.48 billionIron and steel$297.79 millionCopper$171.67 millionCoffee, tea, mate and spices$16.66 millionOres slag and ash$15.46 millionRaw hides and skins (other...

Belize Strengthening International Trade Relations

Belize Strengthening International Trade Relations

Belize is making great efforts to strengthen its international trade relations and attract new business to its shores. The focus is on both existing and new trade relationships.The Belizean government undertook several country visits, meetings, and other engagements in order to strengthen its international ties with significant partners. We outline the most recent and most important international trade relationships developing in Belize.  Overview: Belize international trade relations Belize is focussed on furthering trade relationships with a number of key partners, including Mexico, Florida (US) and Taiwan. Trade relationship with Mexico in construction sector development  A delegation from the Belizean government visited Merida City in Mexico for technical exchange. The Ministry of Housing and Urban Development aims to strengthen Belize's trade relations with Mexico regarding construction sector development. The 2 countries are progressing through a Building Sector Reform Project in partnership with the Belizean Economic Development Council. The goal of that project is to improve and modernize the business climate and sustainability of planning and developing within the Belizean construction sector. As part of developing the Belize-Mexico trade relationship, a delegation from the Belizean government visited Merida City in Mexico for technical exchange. The delegation assembled with the Merida City Council and the Department of Urban Development. The purpose of this exchange was to strengthen the institutional capacity of key public agencies in the areas of...

Overview: Argentina, Uruguay and Paraguay Trade Relations

Overview: Argentina, Uruguay and Paraguay Trade Relations

Companies seeking to expand to Latin America should consider the commercial opportunities generated by trade agreements between Argentina, Uruguay and Paraguay. As Latin American countries promote regional relationships to support each other, growth and free trade agreements offer new opportunities for business owners seeking to access important benefits and new markets abroad. As one of the largest economies in Latin America, Argentina draws focus for foreign expanding companies. Expanding multinationals should pay attention to the close relationship Argentina maintains with neighboring countries, especially as these countries work to reduce bureaucratic barriers to doing business – such as the introduction of a new legal entity structure in Uruguay. We provide a comprehensive overview of the trade agreements between Argentina, Paraguay and Uruguay. We also share some of the opportunities available to executives considering entering these markets. Argentina-Uruguay-Paraguay trade relations and agreements The economic relations between Argentina, Uruguay and Paraguay are comprehensive. Several different trade agreements in force between these nations reflect the efforts of their governments to maintain and strengthen trade ties. Several different trade agreements in force between these nations reflect the efforts of their governments to maintain and strengthen trade ties. However, in addition to strengthening relations with neighboring countries, each country has worked to diversify its trade profile not only within the region, but outside it with important trade partners...

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