On Monday, Costa Rica was waiting for the approval of the Free Trade Agreement between Korea and Central America.
President Carlos Alvarado Quesada signed the law that 42 legislators approved on March 5th. Now the national government awaits approval of the agreement in the Asian nation, as well as in Panama and Honduras.
This FTA with Korea and the Central American Republics will open a market for the country that exceeds 50 million people, and 80% of the national products will be able to enter this tariff-free market. Some of these products are coffee, sugar, non-alcoholic beverages, medical devices, medicines, plastic, iron or glass manufactures, prosthetic devices, palm oil and raw sugar.
Meanwhile, 16% of the products will reduce their tariffs gradually, until they are free of that payment (see note below)
This is the 15th trade agreement signed by the country.