South Korea's and Costa Rica's top trade officials met in Seoul on Wednesday to explore measures to enhance bilateral trade and investment, according to Seoul's industry ministry. According to reports citing the Ministry of Trade, Industry, and Energy, Seoul's Trade Minister Yeo Han-koo and Costa Rica's Foreign Trade Minister Andres Valenciano Yamuni reviewed the implementation of the South Korea-Central America Free Trade Agreement and agreed to work more closely to facilitate bilateral trade and investment.
In March 2021, South Korea and five Central American countries (Costa Rica, El Salvador, Panama, Honduras, and Nicaragua) completed the implementation of their Free Trade Agreement.
"The trade agreement has aided in the expansion of trade and investment between the two countries. It is expected to contribute to the strengthening of bilateral economic connections and the support of a long-term economic recovery "Yeo remarked. Yeo expressed optimism for stronger connections in the digital, environment, technology, and innovation sectors, noting that the two countries share the objective of attaining inclusive economic development and net-zero emissions by 2050.
According to government data, South Korea's exports to Costa Rica in 2020 totaled USD111.12 million, with imports totaling USD156 million.
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