Canada–Costa Rica Free Trade Agreement

The Canada–Costa Rica Free Trade Agreement (CCRFTA) is a free trade agreement between Costa Rica and Canada. It was signed on April 23, 2001 in Ottawa, Ontario, and came into effect on November 1, 2002. It is the first bilateral free trade agreement to include innovative stand-alone procedures on trade. 87% of all tariffs on agricultural products were eliminated, either immediately, or over a 7-14 year period. Tariffs on many other industries like automotive goods and goods were also eliminated. Several sectors of agriculture were excluded from the treaty; eggs, dairy, poultry and beef being excluded, and Costa Rica decided to leave potatoes out of the FTA. Both nations agreed to use the World Trade Organization rules for sanitary and phytosanitary issues(known as the SPS agreement).[1]

The main goals of the FTA include:

In the first 3 years of the agreement, trade increased by 36% (from $324 million to $440 million).[2]

It has been proposed that the Free Trade Area of the Americas be modeled after the CCRFTA.[3]

History of trade balances

Trade Type 2010 2011 2012 2013 2014
Total Canadian Exports 99,930 160,756 185,463 114,618 152,052
Total Canadian Imports 436,057 475,705 513,405 590,816 577,616
Trade Balance -336,127 -314,949 -327,942 -476,198 -425,564

[4]

Amounts in thousands of Canadian dollars.

Negotiations for modernization

There are a number of ongoing negotiations for modernization of the agreement.

References

  1. ↑ AAFC - Trade Agreements - Canada - Costa Rica Free Trade Agreement (CCRFTA)
  2. ↑ International Trade Law - World Trade Organization (WTO)
  3. ↑ Competition Bureau - Canada - Costa Rica Agreement Could Provide Framework for Competition Policy in FTAA
  4. ↑ https://www.ic.gc.ca/app/scr/tdst/tdo/crtr.html?naArea=9999&searchType=All&hSelectedCodes=%7C170220&productType=HS6&reportType=TB&timePeriod=5%7CComplete+Years&currency=CDN&toFromCountry=CDN&countryList=specific&areaCodes=845&grouped=GROUPED&runReport=true
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