The first meeting of the India-Costa Rica Joint Economic and Trade Committee (JETCO) concluded on July 7, 2026, with both countries reaffirming their commitment to strengthening bilateral trade, investment and institutional cooperation. Conducted virtually over two days, from July 6 to 7, the meeting marked an important step in deepening economic engagement and identifying new opportunities for collaboration across key sectors.
The meeting was co-chaired by Shri Vimal Anand, Joint Secretary in the Department of Commerce under India’s Ministry of Commerce and Industry, and Ms. Adriana Castro, General Director of Foreign Trade from the Republic of Costa Rica.
Focus on Expanding Bilateral Economic Relations
During the discussions, officials from both countries reviewed the current state of bilateral trade and investment ties. They expressed satisfaction over the steady growth in merchandise trade, which reached nearly USD 391 million during the 2025-26 financial year. Recognising the positive trajectory, both sides explored ways to further diversify trade and unlock new investment opportunities.
The deliberations covered their respective trade and investment policies, with an emphasis on creating a more favourable business environment. Officials agreed that stronger institutional cooperation and regular dialogue would help address trade-related challenges while promoting sustainable economic growth.
The meeting also highlighted the importance of strengthening commercial partnerships by encouraging greater engagement between businesses from both countries.
Cooperation to Reduce Technical Trade Barriers
A major focus of the discussions was enhancing cooperation in standards and regulatory frameworks to facilitate smoother trade. Representatives exchanged information on their respective systems related to standards, accreditation, certification and regulatory compliance.
Both countries explored collaboration in areas such as standards development, conformity assessment, food safety, pharmaceutical regulation and export certification. These initiatives are expected to reduce technical barriers to trade, improve product quality assurance and simplify market access for exporters.
Officials noted that greater regulatory cooperation could help businesses navigate compliance requirements more efficiently while supporting increased bilateral trade.
India Highlights Strengths in Key Growth Sectors
The Indian delegation showcased the country’s growing capabilities in pharmaceuticals, digital technologies, advanced manufacturing and innovation. These sectors were identified as promising areas for expanding bilateral cooperation, given India’s strong industrial base and increasing global competitiveness.
India also expressed interest in fostering partnerships that support technology transfer, research collaboration and industrial development. Enhanced cooperation in these sectors could open new opportunities for businesses and investors in both countries.
The discussions reflected India’s broader strategy of strengthening economic partnerships with countries across Latin America while expanding the global reach of Indian industries.
Costa Rica Shares Regional Trade Experience
The Costa Rican delegation presented an overview of the Central American trade integration framework and highlighted the country’s experience in negotiating regional trade agreements.
Officials explained how regional economic integration has supported trade expansion and investment flows within Central America. They also discussed the benefits of coordinated regulatory practices and regional cooperation in facilitating cross-border commerce.
The exchange of experiences provided both sides with valuable insights into each other’s trade ecosystems and potential areas for future collaboration.
JETCO to Serve as Key Institutional Platform
The Joint Economic and Trade Committee was established under the Memorandum of Understanding on Economic Cooperation signed between India and Costa Rica. It serves as the primary institutional mechanism for reviewing bilateral trade and investment relations, resolving issues of mutual interest and identifying new avenues for economic cooperation.
During the inaugural meeting, both countries agreed to strengthen business-to-business engagement by promoting closer interaction between industry associations, regulatory authorities and relevant government ministries.
Officials also emphasised the importance of maintaining regular consultations to monitor progress and identify emerging opportunities in trade and investment.
Commitment to Stronger Economic Partnership
At the conclusion of the meeting, India and Costa Rica reaffirmed their shared commitment to expanding bilateral economic cooperation. Both sides agreed to utilise the JETCO framework as a strategic platform for advancing trade, encouraging investment and promoting collaboration across priority sectors.
The successful inaugural meeting reflects the growing momentum in India-Costa Rica economic relations and lays the foundation for deeper commercial engagement in the years ahead. By enhancing institutional cooperation, reducing regulatory barriers and encouraging greater business participation, both countries aim to unlock new opportunities that will contribute to stronger and more resilient bilateral economic ties.
Author: Shivam
Shivam Dwivedi is a senior journalist with extensive experience in research-driven journalism, policy communication, and multi-platform storytelling. His areas of interest include international relations, defence, science & technology, education, urban development, agriculture, spirituality, and environmental sustainability. His work focuses on in-depth analysis, public discourse, and impactful narratives across governance and development sectors, with a strong commitment to the Sustainable Development Goals (SDGs). Contact: [email protected]
