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Mexico updates free trade accord with Costa Rica

(Xinhua)

08:25, August 24, 2011

MEXICO CITY, Aug. 22 (Xinhua) -- Mexico signed a new free trade agreement with Costa Rica here Monday, replacing a previous deal dating back to 1994.

"Costa Rica is Mexico's first trade partner in Central America. That is why Mexico aims for more cooperation with Costa Rica," Mexican President Felipe Calderon told his visiting Costa Rican counterpart Laura Chinchilla.

Both leaders hope the deal will boost bilateral trade.

"We have an active bilateral trade of about 1.28 billion U.S. dollars, which is about three times more than the one we had 10 years ago," Calderon said.

Chinchilla outlined the scope of the talks: "We have carefully reviewed all the issues between us, especially those about trade, investments, small and medium enterprises' development and civic and regional security."

Besides the trade topic, the two presidents signed three other bilateral agreements, one of which focuses on exchanging information and experience on transnational organized crime.

Chinchilla's official visit to Mexico ends Tuesday.

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