Costa Rica Ratifies FTA with China

Costa Rica announced late Tuesday that its legislature has ratified a free trade agreement with China. The two countries have only had diplomatic ties since 2007, when Costa Rica cut its ties with Taiwan. Negotiations between the two countries on an FTA began in January 2009 and terms were agreed to in April 2010. China is Costa Rica’s second largest trading partner, according to the government. In July, ground should be broken on a Chinese refinery near the Caribbean port of Moin, Costa Rica’s primary oil and fuel shipping hub on the east coast. The country also boats a $100m new arena deemed a “gift” from the Chinese government.