Costa Rica Looks for Asian Support in Entering CPTPP

By IDEAS

On August 8, 2024, Kamikawa Yoko, Minister for Foreign Affairs of Japan, held a meeting for approximately 35 minutes with Arnoldo André, Minister of Foreign Affairs and Worship of Costa Rica.

The Ministers confirmed that they will work closely for strengthening ties between Japan and Central America, taking into account that Costa Rica will chair the Central American Integration System (SICA) in the first half of 2025. They also exchanged views on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as Costa Rica would like to receive Japan’s cooperation to achieve its early accession to the CPTPP.

The meeting was part of an official state visit that included Vietnam, where Minister of Foreign Trade Manuel Tovar emphasized that Costa Rica recognizes the CPTPP as the "gold standard" of global trade agreements, advocating for a more open, inclusive, progressive, sustainable, and resilient trade. "The request to join this agreement is a natural evolution and a strategic advance in Costa Rica's trade and development agenda," Tovar stated.

The CPTPP is a large-scale trade agreement between eleven countries in the Asia-Pacific region which aims to promote free trade by reducing tariffs and other trade barriers, establish rules for a wide range of trade-related issues -such as intellectual property, investment, and labor standards- and foster economic growth and create jobs in the participating countries. 
  
Countries involved in the CPTPP are Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. 

While it has expressed strong interest in joining the trade agreement and has taken steps to do so, Costa Rica has not yet completed the accession process. Becoming a CPTPP member would give Costa Rica preferential access to markets in member countries, potentially boosting exports and attracting more foreign investment.