S.Korea, Costa Rica vow to boost trade, investment

Top Stories

»	30 lakh join PM Vishwakarma Scheme in 2 years, 4.7 lakh loans worth Rs 41,188 crore approved
»	India-US trade talks resume amid renewed hopes over tariffs
»	Passenger vehicle sales down in Aug as consumers await GST cuts, 2-wheeler sales up: SIAM
»	Nifty, Sensex open flat as investors wait for fresh cues, US Fed meet outcome
»	India’s GDP growth to remain steady at 6.5 pc, another RBI rate cut likely this fiscal

IANS | 24 Nov, 2021
The top trade officials of South Korea and Costa Rica met in Seoul on Wednesday and discussed ways to further boost bilateral trade and investment, Seoul's industry ministry said.

During the meeting, Seoul's Trade Minister Yeo Han-koo and Costa Rica's foreign trade minister, Andres Valenciano Yamuni, checked the implementation of the South Korea-Central America Free Trade Agreement and agreed to work more closely to further facilitate bilateral trade and investment, Yonhap news agency reported, citing the Ministry of Trade, Industry and Energy.

South Korea and five Central American nations -- Costa Rica, El Salvador, Panama, Honduras and Nicaragua -- fully implemented their FTA in March 2021.

"The trade agreement has helped boost exchanges and investment between the two nations. It is expected to further help strengthen the bilateral economic ties and support a sustainable economic recovery," Yeo said.

In 2020, South Korea's volume of exports to Costa Rica stood at $111.12 million, with imports coming to $156 million, according to government data.

Yeo voiced hope for strengthening ties in the fields of digital, environment, technology and innovation, as the two nations share the goal of achieving inclusive economic development and net-zero emission by 2050.

He also sought Korean companies' active participation in Costa Rica's various infrastructure projects, including an electric passenger train construction project, according to the ministry.

On Tuesday, South Korean President Moon Jae-in and his visiting Costa Rican counterpart, Carlos Alvarado Quesada, vowed to work to boost cooperation in the digital and green sectors to spur their post-pandemic economic recovery.