Trade and economic relations between Ukraine and Costa Rica have a great potential for growth, including an increase in trade volumes and diversification. Preparations for the signing of the Memorandum of Understanding between Ukraine and Costa Rica on the promotion of trade and investment relations are currently being finalised. The possibility of concluding a Free Trade Agreement is also being considered.

This was discussed during an online meeting between Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, and Manuel Rivera, Minister of Foreign Trade of the Republic of Costa Rica.

“Before the full-scale russian invasion, Costa Rica was one of Ukraine’s largest trading partners in Latin America. We actively exported iron and steel to the country. Both our countries are interested in restoring the pace and volume of Ukrainian exports to the Costa Rican market. We will set up a joint working group to strengthen trade, which I sincerely hope will become the basis for the start of work on a free trade agreement between our countries in the future,” said Yuliia Svyrydenko.

According to the First Deputy Prime Minister, Ukraine is also interested in holding a business forum to establish close ties between businesses of the two countries.

Costa Rica’s support for Ukraine’s accession to the Organisation for Economic Co-operation and Development (OECD) is also valuable. The First Deputy Prime Minister noted that the OECD programme for Ukraine, signed in June 2023, was aimed at supporting the country’s reform and reconstruction. Costa Rica actively advocated for Ukraine’s membership in the organisation. Costa Rica joined the OECD in 2021.

The parties also discussed preparations for the Global Peace Summit initiated by President of Ukraine Volodymyr Zelenskyy. Yuliia Svyrydenko invited Costa Rica to join the event.

“I am grateful to the partners for the fact that Costa Rica will be represented at the first Global Peace Summit. During the event, we will focus on issues of global importance: radiation and nuclear safety, food security, and humanitarian issues. These points of the Peace Formula are of common interest to all democratic countries of the world,” added Yuliia Svyrydenko.