THEBUSINESSBYTES BUREAU

NEW DELHI, JULY 7, 2026

 

India and Costa Rica have taken a significant step towards strengthening their economic partnership by holding the inaugural meeting of the Joint Economic and Trade Committee (JETCO), setting the stage for enhanced trade, investment and sectoral collaboration between the two countries. The high-level virtual meeting comes at a time when bilateral merchandise trade has steadily expanded to nearly USD 391 million in 2025-26, reflecting the growing momentum in commercial ties.

The first India-Costa Rica JETCO meeting, held virtually on July 6-7, was co-chaired by Joint Secretary in the Department of Commerce, Ministry of Commerce and Industry, Vimal Anand, and Adriana Castro, General Director of Foreign Trade of the Republic of Costa Rica.

During the meeting, both sides conducted a comprehensive review of bilateral trade and investment relations, expressing satisfaction over the sustained growth in merchandise trade while identifying fresh opportunities to diversify and expand economic engagement. The discussions reflected a shared commitment to unlocking the untapped potential of the partnership through closer institutional cooperation and increased private sector participation.

A major focus of the deliberations was on facilitating smoother trade by addressing technical barriers and strengthening regulatory cooperation. Officials exchanged information on their respective standards, accreditation, certification and regulatory systems, while exploring collaboration in standards development, conformity assessment, food safety, pharmaceutical regulation and export certification. These initiatives are expected to improve market access and create a more predictable business environment for exporters and investors from both countries.

India showcased its competitive strengths in pharmaceuticals, digital technologies, advanced manufacturing and innovation-driven industries, highlighting these sectors as key areas for future collaboration. Costa Rica, in turn, shared insights into the Central American trade integration framework and its experience in regional trade negotiations, opening avenues for broader regional economic engagement.

The meeting also underscored the importance of strengthening institutional and industry-level partnerships. Both countries agreed to encourage greater business-to-business engagement, deepen cooperation among regulatory agencies and relevant ministries, and promote regular dialogue between industry stakeholders to accelerate commercial opportunities.

The Joint Economic and Trade Committee was established under the Memorandum of Understanding on Economic Cooperation between India and Costa Rica and serves as the principal institutional platform for reviewing bilateral trade and investment relations, resolving issues of mutual interest and identifying new areas of economic cooperation.

Reaffirming their commitment to expanding bilateral economic ties, both delegations agreed to leverage the JETCO mechanism as a strategic platform for advancing trade, attracting investment and fostering collaboration across priority sectors. The successful conclusion of the inaugural meeting marks the beginning of a more structured and comprehensive economic partnership, with both nations aiming to translate growing diplomatic engagement into stronger commercial outcomes.