Israel-Costa Rica Memorandum of Understanding Is Road Map for Free Trade Deal
Negotiations on the free trade agreement will begin in the last quarter of 2023.
By Pesach Benson, TPS
Israel and Costa Rica signed a memorandum of understanding providing the framework for an eventual free-trade agreement in Jerusalem on Wednesday.
The memorandum was signed by Israel’s Minister of Economy and Trade Nir Barkat and his Costa Rican counterpart, Manuel Tovar Rivera.
Negotiations on the free trade agreement will begin in the last quarter of 2023.
According to the Ministry of Economy and Trade, the volume of bilateral trade was $50 million in 2022. Israel’s main exports to the Latin American country are chemicals and chemical industry products, optical and medical equipment, machinery, and rubber and plastic products.
Israel’s import mix from Costa Rica includes optical and medical equipment, agricultural produce and food products and machinery.
“Despite the great distance that separates us, I see great potential in the future economic cooperation with a friendly and partner country,” Barkat said. “Many Israeli companies may benefit from the fruits of a future agreement.”
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