Costa Rican President Rodrigo Chaves said he wants to expand trade in Asia by working towards applying to join the CPTPP.
“As soon as possible, we want to start discussions with the CPTPP bloc,” Mr. Rodrigo Chaves told Nikkei . this problem.
The president of Costa Rica said that the purpose of applying for accession is to bring the country’s products deep into the Asian region, where the economies are growing rapidly. “The world is becoming more and more connected. We now face some problems with logistics, but the future is open trading,” he said.
Costa Rica is a small country with a population of about 5 million people in Latin America. The country’s main economy is agriculture, with key export products including bananas and coffee. They also have some high-tech strengths, ranking second in Latin America and 14th globally for medical device exports, according to Costa Rica’s Foreign Trade Promoter.
The United States is Costa Rica’s largest trading partner, buying about 40% of its exports. However, the government of Mr. Rodrigo Chaves wants to diversify trading partners and look for opportunities in the CPTPP.
Costa Rica is not the only Latin American country that wants to join the CPTPP. Ecuador applied for accession in January. The country depends on petroleum exports, in addition to agricultural products such as bananas and shrimp. Joining the CPTPP will help Ecuador expand trade with major economies in Asia.
Antoni Estevadeordal, former Senior Executive Director of the Inter-American Development Bank, said joining the CPTPP “could be a game changer for many Latin American economies in the global economy”. post-Covid with recent geopolitical tensions”.
Currently, Latin American countries such as Mexico, Chile and Peru are already members of the CPTPP. This expert said that “the prospect of accession by Ecuador and Costa Rica can strengthen Latin America’s link with the CPTPP”.
The CPTPP was signed in 2018, taking effect with Vietnam from the beginning of 2019. The agreement includes 11 member countries Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru and Vietnam. Together, these countries contribute 15% of global trade.