The first meeting of the Free Trade Commission between Costa Rica and Peru was held this Thursday, headed by Vice Minister of Foreign Trade of Peru, Edgar Vásquez, and Vice Minister of Foreign Trade of Costa Rica, Jhon Fonseca.
The objective of the meeting was to advance adequately in the implementation of the treaty and to analyze mechanisms to deepen relations between the two countries.
On this occasion, the deputy ministers reviewed the evolution of trade and investment, highlighting the growth shown in bilateral trade, not only in products but also in the number of new exporting companies.
They also addressed issues related to the implementation of the trade agreement, in particular aspects related to rules of origin, trade facilitation, sanitary and phytosanitary measures, administration and dispute settlement, among other issues.
In order to go forward with the commitments established in the treaty, decisions were made regarding the adequacy of the rules of origin specific to the VI Harmonized System Amendment, the rules of procedure of the Free Trade Commission; the code of conduct and the remuneration of panelists and experts for the settlement of disputes.
Total trade between Costa Rica and Peru showed an average annual growth of 5.9% in the period 2012-2016, from US $64 million in 2012 to US $81 million in 2016.
The main products exported in 2016 to the Peruvian market were iron or steel, metal caps, medicines, medical devices, tires, vodka, furniture, recycled paper and paperboard and rubber gaskets.