Costa Rica: Free trade agreement with Ecuador enters into force October 1, 2024
Majority of exports will enter into member countries free of import duties, and even more will gradually benefit from the tariff preferences
The trade association agreement between Ecuador and Costa Rica, signed on March 1, 2023, will enter into force on October 1, 2024.
The main purpose of this agreement is to promote trade between these countries and increase investment. Ecuador is currently Costa Rica’s third largest trading partner in South America.
According to data from the Costa Rican Ministry of Foreign Trade for 2023:
- Trade in goods with Ecuador reached an amount of US$110 million, of which 70% corresponded to exports and the remaining 30% to imports.
- Costa Rica exported goods worth US$77 million to Ecuador.
From a trade and tariff reduction perspective, more than 70% of the exportable supply will immediately enter into the member countries free of import duties and more than 92% of it will gradually benefit from the tariff preferences.
Read a September 2024 report (Spanish and English) prepared by the KPMG member firm in Costa Rica
For more information, contact a KPMG tax professional in Costa Rica:
Cristina Sansonetti | csansonetti@kpmg.com
Sergio García | sgarcia1@kpmg.com