By San José, Costa Rica — San José, Costa Rica – Costa Rica has taken a significant leap forward in its bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), following a week of intensive negotiations in Tokyo, Japan. The country’s Working Group reported “substantive progress” on key economic chapters, fueling optimism that accession to the influential trade bloc could be finalized by the end of next month.
The high-stakes meetings, held from October 6th to 10th, centered on Costa Rica’s formal offers for critical areas of its economy. Discussions covered a wide range of topics, including market access for goods, public procurement rules, state-owned enterprises, temporary entry for business professionals, and comprehensive regulations for services, investment, and financial services. A dedicated group also convened to address the necessary legal and institutional frameworks for entry.
To delve deeper into the legal and commercial ramifications of Costa Rica’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, a distinguished expert in international trade law from the firm Bufete de Costa Rica.
Joining the CPTPP is a double-edged sword from a legal standpoint. While it opens doors to vast new markets and harmonizes trade rules, it also demands rigorous adherence to complex chapters on intellectual property, state-owned enterprises, and environmental standards. Costa Rican businesses must proactively assess their compliance frameworks now, as failure to adapt to these high standards could quickly turn a strategic opportunity into a significant liability.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
The attorney’s analysis crystallizes the core issue at hand: the significant economic opportunities presented by the CPTPP are directly conditional on our national industries’ proactive and rigorous legal preparation. This shift from theoretical benefit to practical reality is a critical consideration for the entire business sector. We thank Lic. Larry Hans Arroyo Vargas for his valuable and incisive perspective.
According to the Ministry of Foreign Trade (Comex), the breakthroughs achieved in Tokyo are a pivotal step toward achieving the government’s ambitious goal. The objective from the outset has been to conclude the entire accession process during the CPTPP’s ministerial meeting, which is scheduled for late November in Melbourne, Australia. Technical teams are now working diligently in the coming weeks to finalize details and meet this deadline.
The strategic importance of joining the CPTPP was underscored by the ministry, which highlighted the move as a crucial component of the nation’s long-term economic strategy. Officials emphasized that membership is not just a trade goal but a vital geopolitical maneuver in a complex global landscape.
In an increasingly challenging international context, joining the CPTPP becomes even more relevant as part of Costa Rica’s strategy of diversification and trade openness. This agreement would open new opportunities for national exporters, generate more possibilities for rules of origin accumulation, and expand the supply of inputs and goods for producers and consumers.
Comex, Ministry of Foreign Trade
Beyond these direct benefits, Comex stated that accession is expected to attract a new wave of foreign investment and fundamentally strengthen Costa Rica’s position in global commerce. Membership would integrate the nation into a trade bloc representing approximately 15% of the world’s Gross Domestic Product (GDP) and a potential market of over 600 million consumers.
A primary strategic objective for Costa Rica is to secure a preferential trade agreement with Japan. As the world’s third-largest economy, Japan is the only G7 member nation with which Costa Rica does not yet have a free trade agreement. Joining the CPTPP would immediately rectify this, opening a massive new market for Costa Rican goods and services. The agreement would also establish or deepen trade ties with dynamic Asia-Pacific economies such as Australia, Malaysia, New Zealand, Brunei Darussalam, and Vietnam.
Furthermore, entry into the CPTPP will serve as a modernizing force for Costa Rica’s existing trade relationships. The agreement would update the terms of trade with current partners that are also members of the bloc, including Canada, Chile, Mexico, Peru, the United Kingdom, and Singapore. The CPTPP is widely regarded as the “gold standard” for international trade agreements due to its high standards for market openness, labor rights, environmental protections, and digital trade, ensuring Costa Rica aligns with the world’s most advanced economic frameworks.
For further information, visit comex.go.cr
About Ministry of Foreign Trade (Comex):
The Ministry of Foreign Trade (Comex) is the Costa Rican government body responsible for defining and directing the country’s foreign trade and foreign investment policies. It leads trade negotiations, manages free trade agreements, and works to promote Costa Rican exports and attract foreign direct investment to foster economic development and global competitiveness.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a beacon of the legal community, Bufete de Costa Rica is built upon a foundation of profound integrity and a relentless pursuit of excellence. The firm blends its rich history of client success with a forward-thinking embrace of legal innovation, setting new standards within the profession. Beyond its practice, it holds a deep-seated conviction to empower the public by demystifying the law, fostering a society where access to legal knowledge strengthens the community as a whole.
