World Bank Report Equated Costa Rica’s Strong Growth to CAFTA

World Bank Report Equated Costa Rica’s Strong Growth to CAFTA

world-bankThree out of four Costa Rican companies claim that the Free Trade Agreement with the United States (CAFTA) has affected Costa Rica positively, according to data from a World Bank study.

According to the study, the positive effects for these companies have been reflected primarily in increased exports, lower production costs and expanding market.

Costa Rica has become responsible for 40% of exports to the United States from CAFTA countries.

“Costa Rica has played a leadership role and is the one who has taken advantage of everything positive from CAFTA,” said Randy Melzi, Senior Director of Public Programs and Corporate Relations The Americas Society – Council of the Americas .

According to World Bank data, the pace of Costa Rica’s exports accelerated after the crisis of 2008 and 2009. This is attributed to some extent to CAFTA.

“The trend of Costa Rica has been more marked than the rest of the countries of Latin America,” said Felipe Jaramillo, director for Costa Rica, World Bank.

The World Bank report shows that CAFTA has helped in the growth, sophistication and diversification of high-tech sectors. Currently, 45% of Costa Rica total national exports are high-tech.

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