Right now, the Costa Rica president Oscar Arias is in Singapore to start talks on a bilateral free trade agreement between the two countries. This should be a very positive step for both countries since either one has something valuable to offer to the other.
Singapore is known for having great free trade agreements with other Latin American countries such as Chile, Peru and Panama and they seem to be very interested in dealing with Costa Rica as well after witnessing the great business Costa Rica and China have developed, it appears that there is a bright future between Costa Rica and Asian countries.
While in one hand Singapore is a lot more developed than Costa Rica, the country is smaller and Costa Rica can offer a wider market of opportunities, also the president of Costa Rica is hoping that this free trade agreement will encourage Singapore to invest in and develop Costa Rica Caribbean ports.
It is also known that in 2007, Costa Rica exports to Singapore were a total of $31.5 million and imports reached $26.4 million meaning that an agreement for business between the countries is set to be a successful venture.
Negotiations are just taking place right now, meaning that at the moment Costa Rica is just offering Singapore a deal, which will be reviewed by Singapore’s Prime Minister, Lee Hsien Loon in the upcoming weeks.
