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Economy / Costa Rica

Cent Am-EU Trade Agreement: Implications

June 2010 | Economic Analysis

Central American states and the European Union agreed to a historic agreement on liberalising trade, cutting import tariffs and granting complete market access to industrial products on both sides at a summit in Spain in late May. The deal marks a necessary step forward in the region's ongoing efforts at diversifying its exports markets over the long term, and comes after approximately three years of negotiations. While tentative reports indicated that the deal almost collapsed due to ongoing disagreements over agricultural trade policy, an agreement in which specific quotas were set for cheese and milk powder from Europe and for bananas, beef and rice from Central America saved the deal at the last minute.

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