India and Costa Rica Strengthen Economic Ties in Joint Committee Meeting
The first-ever virtual meeting of the India-Costa Rica Joint Economic and Trade Committee (JETCO) took place on July 6-7, 2026. This important session was co-chaired by Shri Vimal Anand, Joint Secretary in India’s Ministry of Commerce & Industry, and Ms. Adriana Castro, General Director of Foreign Trade from Costa Rica. Both nations took significant steps to enhance their bilateral trade and investment relations during this online meeting.
The committee reviewed the steady growth in bilateral trade, which reached approximately USD 391 million in 2025-26, showcasing the robust economic ties between the two countries. Discussions also focused on future possibilities for expanding trade and investment opportunities.
Exploring Collaborative Areas
A vital part of the discussions involved exchanging insights about trade standards, accreditation, certification, and regulatory frameworks. The two sides identified potential areas for collaboration such as standards development, food safety, pharmaceutical regulations, and export certification, all aimed at facilitating trade and mitigating technical barriers.
The Indian delegation emphasized its strengths in sectors like pharmaceuticals, digital technologies, manufacturing, and innovation. Conversely, the Costa Rican representatives shared their experiences in Central American trade integration and regional trade negotiations, highlighting the advantages of their trade agreements.
Commitment to Economic Cooperation
The JETCO was established under a Memorandum of Understanding on Economic Cooperation between India and Costa Rica. This committee acts as the primary institutional mechanism for reviewing the countries’ trade and investment relations, addressing mutual interests, and discovering new opportunities for economic involvement.
Both countries agreed on the need to bolster business-to-business engagements, encourage institutional cooperation, and ensure regular communication between relevant ministries, regulatory authorities, and industries. By reaffirming their commitment to strengthening bilateral economic relations, they plan to leverage the JETCO as a crucial platform for enhancing trade, investment, and sectoral collaboration.
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