Costa Rica : Five Years after CAFTA-DR, Assessing Early Results for the Costa Rican Economy
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Washington, DC
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The Dominican Republic - Central
America - United States Free Trade Agreement (CAFTA-DR) has
been fundamental in creating a stable framework for Costa
Rica's trade with the United States. For Costa Rica,
CAFTA-DR is more than a trade agreement. Besides eliminating
tariffs and reducing non-tariff barriers between member
countries, CAFTA-DR also introduced major changes to the
legal framework of member countries, reducing barriers to
services, promoting transparency, and ensuring a secure and
predictable environment for investors. This report analyses
how CAFTA-DR has impacted the Costa Rican economy in the
five years after ratification, both on a macro level and in
key specific sectors. The report shows that CAFTA-DR is
yielding benefits to the Costa Rican economy, but it is too
early to provide a complete account just after five years.
The agreement has succeeded to further trade integration
between Costa Rica, the US, and other CAFTA-DR countries.
Exports to the US began increasing several years before the
agreement, but CAFTA-DR accelerated the trend. Costa Rica
continues attracting FDI above levels observed in other
CAFTA-DR countries, with an increasing share from US
investors and a focus on medical devices and business
services. Online survey and interviews of high-tech firms in
free trade zones found that CAFTA-DR was an important factor
in the investment decisions. CAFTA-DR ignited an explosion
of changes in the telecom and insurance sectors, bringing
new regulatory frameworks, competition, product innovations,
and price reductions. Consumers are reaping the benefits of
improved telecom and insurance services. But some issues
remain for those markets to mature. Finally, the concern
regarding the potential negative impact on the Costa Rican
Social Security Administration's finances due to the
intellectual property rights measures have not been observed.
Palabras clave
ABSORPTIVE CAPACITY, ACCESS TO INSURANCE, ADVERSE EFFECTS, AGRICULTURAL PRODUCTION, AGRICULTURAL PRODUCTS, AGRICULTURAL SECTOR, AGRICULTURAL SUBSIDIES, AGRICULTURAL TRADE, AGRICULTURE, APPAREL, APPAREL SECTOR, AUTHORITY IN CHARGE, BENCHMARK, BENEFICIARY, BILATERAL APPROACH, BILATERAL TRADE, BROKERAGE, BROKERAGE FIRMS, BROKERS, CENTRAL BANK, CLEAN TECHNOLOGY, COMMERCIAL CODE, COMMODITY, COMMON MARKET, COMMUNICATION TECHNOLOGY, COMPETITION POLICY, COMPETITIVE ENVIRONMENT, COMPETITIVENESS, CONCESSIONS, CONSUMER PRICE INDEX, CONSUMER PRICE INDICES, CONSUMER SURPLUS, CONSUMERS, COUNTRY OF ORIGIN, CRITICAL INFRASTRUCTURE, CROSS-BORDER TRADE, CURRENCY, CUSTOMS, CUSTOMS UNION, DEBT, DOMESTIC CONSUMPTION, DUMMY VARIABLE, ECONOMIC CRISIS, ECONOMIC INTEGRATION, ECONOMIC POLICIES, ECONOMIC STABILITY, ECONOMIES OF SCALE, ELIMINATION OF TARIFFS, ENVIRONMENTAL STANDARDS, EUROPEAN UNION, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURES, EXPENSE RATIOS, EXPORT GROWTH, EXPORT PERFORMANCE, EXPORT PRODUCTS, EXPORT SHARE, EXPORT STRUCTURE, EXPORTS, EXPOSURE, FINANCES, FINANCIAL CRISIS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FIRM PERFORMANCE, FOREIGN COMPANIES, FOREIGN DIRECT INVESTMENT, FOREIGN INVESTMENT, FOREIGN INVESTORS, FOREIGN TRADE, FREE ACCESS, FREE TRADE, FREE TRADE AGREEMENT, FREE TRADE AGREEMENTS, FREE TRADE AREA, FREE TRADE ZONE, FREE TRADE ZONES, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GRAVITY EQUATION, GRAVITY MODEL, GRAVITY MODELS, GROSS DOMESTIC PRODUCT, GROWTH RATES, HUMAN CAPITAL, INCOMES, INFORMATION SERVICES, INSTRUMENT, INSURANCE, INSURANCE ACTIVITIES, INSURANCE COMPANIES, INSURANCE MARKET, INSURANCE MARKETS, INSURANCE PENETRATION, INSURANCE PREMIUMS, INSURANCE PRODUCTS, INSURANCES, INSURER, INSURERS, INTEGRATION AGREEMENTS, INTELLECTUAL PROPERTY, INTELLECTUAL PROPERTY PROTECTION, INTELLECTUAL PROPERTY RIGHTS, INTERMEDIATE GOODS, INTERNATIONAL AGREEMENTS, INTERNATIONAL BANK, INTERNATIONAL FINANCIAL CRISIS, INTERNATIONAL MARKETS, INTERNATIONAL TRADE, INTERNATIONAL TREATIES, INVESTMENT CLIMATE, INVESTMENT DECISIONS, INVESTMENT FLOWS, JURISDICTIONS, LEGAL FRAMEWORK, LEGAL REGIME, LEGAL REQUIREMENTS, LEGAL SYSTEM, LEVEL OF RISK, LIBERALIZATION, LIBERALIZATIONS, LIFE INSURANCE, LOCAL CURRENCY, MANUFACTURING INDUSTRY, MARKET ACCESS, MARKET DATA, MARKET SHARE, MARKET SHARES, MARKET SIZE, MICROINSURANCE, MONETARY FUND, MONOPOLIES, MONOPOLY, MONOPOLY PROVIDER, MULTILATERAL AGREEMENT, MULTINATIONAL COMPANIES, NATIONAL TREATMENT, NEW MARKET, NEW PRODUCTS, NON-TARIFF BARRIERS, OPENNESS, OUTPUT, PATENT PROTECTION, POLITICAL STABILITY, PORTFOLIO, POSITIVE EFFECTS, POST OFFICE, PREFERENTIAL TRADE, PREFERENTIAL TREATMENT, PRELIMINARY ASSESSMENT, PRICE DEFLATOR, PRIVATE INVESTMENTS, PROFIT MAXIMIZATION, PROPERTY RIGHTS, QUANTITATIVE RESTRICTIONS, REAL GDP, REAL GROSS DOMESTIC PRODUCT, REFERENDUM, REGIONAL TRADE, REGULATOR, REGULATORY AUTHORITY, REGULATORY BODY, REGULATORY FRAMEWORK, REGULATORY FRAMEWORKS, REINSURANCE, RULES OF ORIGIN, SHARE OF INVESTMENT, SMALL BUSINESS, SMALL BUSINESSES, SUPERVISORY AUTHORITY, TARIFF BARRIERS, TAX, TAX BENEFITS, TAXATION, TELECOMMUNICATIONS, TELEPHONE LINES, TELEPHONE SERVICES, TRADE BARRIERS, TRADE FLOWS, TRADE INTEGRATION, TRADE LIBERALIZATION, TRADE PARTNERS, TRADE PATTERNS, TRADE POLICY, TRADE RELATIONSHIPS, TRADING, TRANSPARENCY, TREATIES, TREATY, UNIVERSAL ACCESS, UNIVERSAL COVERAGE, VOTERS, WORLD DEVELOPMENT INDICATORS, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO