- The CPTPP accounts for 15% of the global GDP and encompasses a market of 600 million consumers, three of the world’s seven most powerful economies are part of this bloc.
- This agreement enhances commercial access to the Asia-Pacific region, one of the most dynamic in the world.
The members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), extended an invitation to Costa Rica to begin with the accession process to the bloc – which recently added the United Kingdom -.
The CPTPP is one of the most ambitious and significant trade agreements, encompassing 12 economies from 4 continents, 3 of which are members of the Group of Seven of the world´s advanced economies (G7). Furthermore, it is recognized as the “gold standard” of international trade agreements, as it promotes the highest standards in various aspects of trade policy, including digital trade, small and medium-sized enterprises, e-commerce, among others. It spearheads global efforts to promote a more open and inclusive trade, committed to sustainable and resilient development.
The accession of Costa Rica to the CPTPP will provide the country with the unique opportunity to enjoy preferential access with countries with which we do not have trade agreements, such as Japan, Australia, Malaysia, New Zealand, Brunei Darussalam, and Vietnam. Additionally, it will enable the updating of the disciplines that govern the trade with the countries with which there are existing agreements (Canada, Chile, Mexico, Peru, The United Kingdom, and Singapore). Furthermore, it is important to emphasize that Japan is the only G7 economy with which Costa Rica does not have a trade agreement, this country is a significant importer of agricultural and food products in the world, as well as the primary Asian investor in Costa Rica.
“We are filled with great pride by the decision of the members of the CPTPP, not only because it is an undeniable recognition of Costa Rica’s extensive track record in fulfilling its international commercial obligations, but also because it is an extraordinary achievement. This process was forged through over 2 years of intense, dedicated, and relentless efforts, during this period, it was demonstrated to the members that Costa Rica is an ideal candidate to meet the high standards and level of ambition of the agreement. This achievement is a milestone that fulfills one of the Chaves Robles administration’s primary trade policy objectives, to carry more Costa Rica to the world and bring more world to Costa Rica,” stated Minister of Foreign Trade, Manuel Tovar.
This opportunity will enable Costa Rica to diversify its commercial ties, mitigate risks, broaden horizons, and reinforce its economic resilience in the face of the constant changes in the global scenario. It will also provide the country with an extraordinary opportunity to deepen, scale, and strengthen its position in global value chains.
Costa Rica submitted its application to join the CPTPP in August 2022, launching the beginning of a rigorous and strategic process aimed at achieving the necessary consensus to advance in the accession process. Since then, the members have conducted the necessary analyses, while Costa Rica has implemented an ambitious strategy, conducting 100 high-level meetings with the various members of the bloc. Upon this decision, the country will be subject to a process of evaluation by the members, in which they will revise the country´s legal framework in relation to the disciplines of the agreement, as well as negotiating market access conditions for goods and services.
The CPTPP economies collectively account for 15% of the global GDP and 18% of global goods trade. Additionally, they represent a market of 600 million consumers.
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