Costa Rica's updated free trade agreement (FTA) with Mexico and a new FTA with Singapore became effective on July 1.
The updated Costa Rica-Mexico FTA is now part of the Mexico-Central American FTA signed in November 2011, and consolidates the FTAs Mexico had with Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. In 2012, Mexico became the second largest investor in Costa Rica.
The Costa Rica-Singapore FTA covers trade in goods and services, customs procedures, technical barriers to trade, competition policy, dispute settlement, investment, e-commerce, and intellectual property rights. Under the terms of the FTA, Costa Rica will eliminate import duties on 90.6 percent of its imports from Singapore, and the tariff on the remaining products will be eliminated over a period of 10 years. Singapore will grant immediate duty-free access for all Costa Rican imports.