India Costa Rica Trade – Joint Panel Sets Course for Deeper Economic Ties
India Costa Rica Trade – India and Costa Rica have moved to deepen their economic engagement by expanding business links, strengthening institutional coordination and encouraging regular discussions among ministries, regulators and industry representatives. The two countries said the India-Costa Rica Joint Economic and Trade Committee will serve as the main platform for taking forward cooperation in trade, investment and key sectors.
First JETCO meeting held virtually
The inaugural meeting of the Joint Economic and Trade Committee, known as JETCO, was conducted through a virtual format. It was co-chaired by Vimal Anand, Joint Secretary in India’s Department of Commerce, and Adriana Castro, General Director of Foreign Trade for Costa Rica.
Officials from both countries reviewed the current state of bilateral trade and investment. They also discussed their respective trade policies, investment frameworks and possible measures that could support stronger commercial relations in the coming years.
Merchandise trade reaches $391 million
According to the Ministry of Commerce and Industry, merchandise trade between India and Costa Rica rose steadily to around $391 million during 2025–26. Both sides welcomed the growth and agreed that there remains scope to increase trade volumes and attract more investment.
The discussions focused on creating stronger links between businesses in the two countries. India and Costa Rica also agreed to maintain regular communication among government departments, regulatory bodies and industry groups so that emerging trade opportunities can be identified more quickly.
Focus on standards and trade facilitation
A major part of the meeting centred on standards, certification and regulatory procedures that can affect the movement of goods between countries. The two sides shared details about their accreditation systems, product certification processes and other compliance requirements.
They explored possible cooperation in standards development, conformity assessment, food safety, pharmaceutical regulation and export certification. The objective is to make trade procedures smoother and reduce technical barriers that may limit market access for exporters.
Officials said closer coordination in these areas could help businesses understand regulatory expectations more clearly and improve the movement of products across both markets.
JETCO to guide future cooperation
The Joint Economic and Trade Committee was established under the Memorandum of Understanding on Economic Cooperation signed by India and Costa Rica. It is designed to review bilateral economic relations, discuss issues of common concern and identify new areas where the two countries can work together.
Through the committee, both governments plan to assess trade-related challenges, exchange policy information and support cooperation in sectors with potential for long-term growth. The mechanism is also expected to provide a structured channel for addressing concerns raised by businesses.
India highlights key growth sectors
During the meeting, the Indian delegation outlined areas where it sees strong potential for expanded cooperation. These included pharmaceuticals, digital technologies, manufacturing and innovation-led industries.
Costa Rica, meanwhile, presented an overview of the Central American trade integration system and shared its experience in regional trade negotiations. The exchange gave Indian officials a clearer view of the wider regional trade environment and possible opportunities for engagement beyond bilateral commerce.
The first JETCO meeting marks a formal step towards a more structured India-Costa Rica economic partnership. With both sides expressing interest in continued dialogue, the committee is expected to play an important role in supporting trade growth, regulatory cooperation and investment opportunities.