India and Costa Rica Open New Trade Dialogue as Bilateral Commerce Reaches USD 391 Million

India and Costa Rica have taken a fresh step toward strengthening economic cooperation with the first meeting of the Joint Economic and Trade Committee, held virtually on 6 and 7 July 2026. The meeting marked an important institutional beginning for both countries as they reviewed trade, investment, regulatory cooperation and future areas of partnership.

The meeting was co-chaired by Shri Vimal Anand, Joint Secretary in India’s Department of Commerce, Ministry of Commerce and Industry, and Ms. Adriana Castro, General Director of Foreign Trade from Costa Rica. Both sides discussed the current state of bilateral trade and investment relations and noted the steady rise in merchandise trade, which reached approximately USD 391 million in 2025–26.

A key focus of the discussions was the need to create smoother pathways for trade by improving cooperation in standards, certification, accreditation and regulatory systems. India and Costa Rica exchanged information on their respective frameworks and explored collaboration in areas such as standards development, conformity assessment, food safety, pharmaceutical regulation and export certification. These areas are important for reducing technical barriers and making trade more predictable for businesses.

India highlighted its strengths in pharmaceuticals, digital technologies, manufacturing and innovation, presenting these sectors as promising areas for deeper cooperation. Costa Rica, in turn, shared its experience with the Central American trade integration regime and its approach to regional trade negotiations, offering useful insights into opportunities within the wider Central American market.

The Joint Economic and Trade Committee has been established under the Memorandum of Understanding on Economic Cooperation between the two countries. It will serve as the main platform for reviewing trade and investment relations, resolving issues of mutual interest and identifying new avenues for cooperation.

Both countries agreed to promote stronger business-to-business engagement, improve institutional coordination and encourage regular interactions between ministries, regulatory authorities and industry representatives. The meeting reaffirmed the shared commitment of India and Costa Rica to expand economic ties and use the JETCO mechanism as a practical platform for advancing trade, investment and sector-specific cooperation.

Source: PIB