China Costa Rica Free Trade Agreement

Singapore – Total merchandise trade with Singapore has declined by an average of 12% per year since the signing of the free trade agreement with the Asian nation in 2013. While Costa Rica`s imports of Singapore products increased by 1.2%, Costa Rica`s exports to Singapore decreased by 25.7% per year between 2013 and 2016. The free trade agreement between China and Costa Rica – which was officially signed in April 2010 after more than a year of negotiations – aims to further fuel the rapid growth of trade relations between the two countries. According to Chinese customs statistics, bilateral trade between the two countries increased by 19.2 per cent in 2010 to reach $3.8 billion. With exports of about $3.1 billion to China last year, Costa Rica has characterized the emerging Asian country as the world`s second largest export market after the United States. At the same time, China sold $690 million worth of goods to the market in Costa Rica last year and estimated it to be its largest trading partner in Central America. Negotiations on the free trade agreement began in August 2006 and both sides completed negotiations in September 2008, during eight rounds of negotiations. The China-Singapore Free Trade Agreement is a comprehensive free trade agreement that includes trade in goods, trade in services, staff flows and customs procedures. Chinese Premier Li Keqiang and ASEAN leaders will participate in a signing ceremony on 22 November 2015 in Kuala Lumpur, Malaysia, to sign the protocol amending the framework agreement on global economic cooperation between China and ASEAN. [Xinhua] The China-Australia Free Trade Agreement (FTA) officially entered into force on December 20, 2015. Once fully implemented, 96% of Australian products will arrive in China duty-free, while 100% of Chinese exports to Australia will be processed duty-free.

Negotiations on the free trade agreement began for the first time in September 2004, when trade ministers from both countries met on the sidelines of the ASEAN Plus Three economic ministers meeting. The first round of negotiations was launched in May 2012. The two sides signed the free trade agreement in June 2015, after 14 rounds of negotiations. Chinese President Hu Jintao (right, back) and former Chilean President Sebastian Pinera will participate in the signing ceremony of a complementary investment agreement in Vladivostok, eastern Russia, on September 9, 2012. [Xinhua] Chinese textiles and products, light industrial companies, machinery, electrical appliances, vegetables, fruits, automobiles, chemicals, raw fur and leather, as well as Colombian coffee, beef, pork, pineapple juice, frozen orange juice, jam, fishmeal, products, raw skins and other products will benefit from the tax reductions.

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