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6 April 2010

Singapore signs FTA with Costa Rica

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Singapore and Costa Rica on Tuesday signed a free trade agreement (FTA) to enhance bilateral relations and remove barriers to trade, reported Channel News Asia, a city-state’s news website.

Under the agreement, Costa Rica will eliminate customs duties for 90.6 percent of its tariff lines, with the tariffs on remaining products to be eliminated over the next 10 years.

Singapore will grant immediate duty free access for all imports from Costa Rica.

FTA negotiations began in April last year and were concluded after four rounds of talks.

Costa Rica is Singapore's eighth biggest trading partner in Latin America, with trade in 2009 valued at S$413.7 million (1$=1.5S$).


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