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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...

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...

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...

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...

Export Opportunities from Panama to the Rest of the Americas

Export Opportunities from Panama to the Rest of the Americas

Panama has an average GDP growth rate of 5.4% over the last 5 years, making it one of the fastest-growing economies in the region. Much of this is thanks to its vast expertise in the maritime industry. Of course, being home to the Panama Canal, its fantastic geographical location, and one of the largest ports in the world, Panama prides itself on being an export master. Access to both the Pacific and Atlantic Oceans alongside being located directly between North and South America permits Panama to directly export and re-export roughly USD$32 billion worth of goods every year to every continent. There are few nations better-positioned to do such wide-spread international trade. Although Panama’s export of goods and services as a percentage of GDP has fallen by 20% since 2010, it still remains very high at 44%. We explore export opportunities in arguably the most strategically located and facilitative countries in Latin America. Export Opportunties - Patterns in Panama’s direct export industry What do they export? Pharmaceuticals Machinery and Computers Fish Footwear Cosmetics Fruit and Vegetables Clothing Beverages Electrical equipment Where do they go? The vast majority (64%) of Panamanian direct exports (exports of goods originating from Panama) go to Latin America and the Caribbean. 24% is sold to North American importers with only 4% each going to Europe and Asia.  The Colon Free Trade Zone – what is it and how does it help businesses The Colon Free Trade Zone (CFZ) is the second-largest free-trade zone in the world, trailing Hong Kong. It is located in the area around...

Embassy of the Kingdom of The Netherlands Delve Into Dutch Business Development in Peru

Embassy of the Kingdom of The Netherlands Delve Into Dutch Business Development in Peru

Tim van der Werf from Biz Latin Hub was invited to speak with the Embassy of the Kingdom of The Netherlands in Lima, Peru. In an interesting interview, Henrik Laseur, Trade, and Business Development Officer shares some of his professional insights into the commercial relationships between The Netherlands and Peru. Netherlands-Peru Business Development Biz Latin Hub (BLH): What role does the Commercial/Trade Department play as a sector of the Dutch Embassy in Peru? Henrik Laseur: The Economic Department of the Dutch Embassy in Peru is part of a ‘triangle’. The triangle consists of Dutch and Peruvian companies, knowledge institutions like universities, nongovernmental organizations and the Embassy’s economic department. The role of the Economic Department is to assist in the establishment of relationships between Dutch companies and organizations with local public and private actors and to develop and grow these relationships to a greater level. Another function of the department is to facilitate and carry forward professional knowledge and expertise about Dutch opportunities to Peru and vice versa. Furthermore, the department organizes business events, matchmaking sessions, and projects that encourage trade and business between The Netherlands and Peru. The Dutch Embassy in Lima coordinates operations for Peru, Bolivia, and Ecuador. BLH: I am very interested in work that the Dutch Embassy is involved with. As a follow-up, how would you describe the commercial relationships between The Netherlands and Peru? Henrik Laseur: According to 2018 figures, Peru ranks 6th on GDP...

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