[30 Jan] Singapore, Costa Rica Complete Free Trade Talks

Singapore and Costa Rica have concluded talks for a free trade agreement, the city-state's trade ministry said Friday.

The two countries will sign the accord "once domestic processes are completed," the ministry said in a statement, referring to the ratification of the pact by their respective parliaments.

"Singapore will grant immediate duty free access for all imports from Costa Rica, while Costa Rica would eliminate tariffs for 90.6% of its tariff lines upon entry into force of the agreement," the statement said.

Tariffs on the remaining products would be eliminated over a period of 10 years.

Trade between the nations hit S$413.7 million ($295.5 million) in 2009, up 40% from 2004, the statement said.

Singapore's imports from Costa Rica comprise mainly electronic valves and machine parts. Its exports to Costa Rica include precision measuring instruments and rubber.

Singapore, a small, open economy highly dependent on trade, has signed a network of free trade pacts with several countries in Asia, the Middle East as well as the United States.

(Source: irco.biz)