New Delhi, July 8 (IANS) India and Costa Rica have agreed to strengthen business-to-business engagement, promote institutional cooperation, and encourage regular interactions between the concerned ministries, regulatory authorities and industry.

Reaffirming their commitment to deepening bilateral economic ties, they agreed to utilise the India-Costa Rica Joint Economic and Trade Committee (JETCO) as a key platform for advancing trade, investment and sectoral cooperation.

According to an official statement, the first meeting of JETCO was held virtually, co-chaired by Joint Secretary, Department of Commerce, Vimal Anand and General Director of Foreign Trade, Adriana Castro, from the Republic of Costa Rica.

Both sides reviewed bilateral trade and investment relations and exchanged views on their respective trade and investment regimes, the statement from Ministry of Commerce and Industry said.

They noted with satisfaction the steady growth in bilateral merchandise trade to approximately $391 million in 2025–26. They also discussed opportunities to further expand trade and investment, according to the official statement.

The two sides exchanged information on their respective standards, accreditation, certification and regulatory frameworks, and explored cooperation in areas such as standards development, conformity assessment, food safety, pharmaceutical regulation and export certification to facilitate trade and reduce technical barriers.

The JETCO, established under the Memorandum of Understanding on Economic Cooperation between India and Costa Rica, serves as the principal institutional mechanism for reviewing bilateral trade and investment relations, addressing issues of mutual interest and identifying new avenues for economic cooperation.

The statement further stated that the Indian side highlighted its strengths and identified opportunities for enhanced cooperation in pharmaceuticals, digital technologies, manufacturing and innovation, while the Costa Rican side presented an overview of the Central American trade integration regime and its experience in regional trade negotiations.

—IANS

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