India and Costa Rica have agreed to enhance business-to-business engagement and foster institutional cooperation. They aim to boost interactions between relevant ministries, regulatory bodies, and industries. Both countries are committed to deepening their economic relations and will leverage the India-Costa Rica Joint Economic and Trade Committee (JETCO) to advance trade, investment, and sectoral collaboration.
The inaugural meeting of JETCO was conducted virtually, with Vimal Anand, Joint Secretary of the Department of Commerce from India, and Adriana Castro, General Director of Foreign Trade from Costa Rica, serving as co-chairs. Discussions during the meeting revolved around reviewing bilateral trade and investment ties, as well as sharing insights on their respective trade and investment frameworks.
Bilateral merchandise trade between India and Costa Rica has shown consistent growth, reaching around $391 million in 2025–26. Both nations explored avenues to further enhance trade and investment opportunities. They also exchanged information on standards, accreditation, certification, and regulatory frameworks, with a focus on areas like standards development, conformity assessment, food safety, pharmaceutical regulation, and export certification to facilitate smoother trade processes.
The JETCO, established under the Economic Cooperation Memorandum between India and Costa Rica, acts as the primary platform for evaluating bilateral trade and investment relations. It addresses mutual concerns and identifies new areas for economic collaboration. India highlighted its strengths in pharmaceuticals, digital technologies, manufacturing, and innovation, while Costa Rica shared insights on the Central American trade integration regime and its regional trade negotiation experience.
