The free trade treaty between Colombia and Costa Rica goes into effect Aug.1, officials point out at the XI Cumbre de la Alianza del Pacífico in Chile.
María Claudia Lacouture, the Colombian minister of Comercio, Industria y Turismo, said that of that date 98 percent of the products of both countries will compete on an equal basis.
Costa Rica and Colombia signed the agreement in May 2013. The last step was for both countries to agree on an official starting date.
Colombia is well known for its clothing. It also is the world’s fourth largest producer of coffee, but Costa Rica would not seem to be a big market for that. Costa Rica is likely to export a lot of processed foods.
Both countries are anxious for equal legal status for their investors.