Trade relations between Costa Rica and Canada still have a lot of room to grow once the 20 Years Free Trade Agreement (FTA) between the two nations, according to Elizabeth Williams, that country’s ambassador on national soil.

Hand in hand with information and communication technologies (ICT), sustainable proposals, renewable energy and infrastructure projects, among others, bilateral trade could take a leap to the next level for the benefit of both countries and their citizens.

However, in order to make this happen, bureaucracy must be reduced, more Costa Ricans must be educated in English, and there must be a strong commitment to legal certainty.

On the other hand, there is a need to “spread the word about why Costa Rica is a good place to invest and not just an ideal place to vacation,” Williams said.

Read more: Costa Rica is the third most innovative country in Latin America

“Thanks to the Free Trade Agreement, trade between our two countries has grown by more than 200% in 20 years (…) We have seen an expansion into advanced and high-tech products, such as medical devices and instruments. In the future, there are new opportunities for Canadian companies in information and communication technology (ICT), sustainable technology, renewable energy and larger infrastructure projects, such as wastewater treatment, which Costa Rica has a great need for and Canada has experience with,” added Williams.

In the two decades of commercial relations, Costa Rica has worked very hard to advance its economy and be a leader and an important strategic partner in Central America. join the OECD in 2021.

In this sense, Canada sees Costa Rica as a strategic partner to build a strong, inclusive and sustainable global economy.

“Costa Rica is recognized as a global green pioneer with a strong social conscience, as evidenced by the plan to decarbonise its economy by 2050. In addition, he is a true leader who has put in place strong policies to frame change in terms of economic and social benefits,” Williams said.

In this sense, Canada and Costa Rica continue to work together in various international fora and in their bilateral relations to combat the harmful effects of climate change and ensure sustainable economic growth.

This is driven by Costa Rica’s leadership in biodiversity conservation, to the extent that it has reversed deforestation and today 25% of its territory is protected.

On the infrastructure side, Williams said, “We’re exploring how to leverage the Canadian government’s international contracting arm called the Canadian Commercial Corporation (CCC).”

“The idea is to support increased participation of Canadian companies in major projects that are priorities for Costa Rican municipalities and the national government. There are several examples that illustrate how the CCC has become a reliable partner to carry out important projects for many governments in the region. We hope that through this uniquely Canadian mechanism we can see Canada’s business collaboration in key projects undertaken by Costa Rican partners,” said the ambassador.

Read more: The country has met 25% of the targets set in the first phase of decarbonisation

And it is that Costa Rica has an infrastructure deficit of more than 30 years, in addition to major needs in terms of state buildings, sewerage and others.

Finally, inclusive trade is an obligation for Canada as it is seen as a guarantee that all members of society have the necessary opportunities and support to participate in and contribute to the economy.

This means that women, people with disabilities, Indigenous Peoples, LGBTQ2S+ and other under-represented groups can sit around the table and thrive. If all members of a society are involved, this leads to more growth and prosperity for all people,’ concluded the ambassador.