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Costa Rica President Oscar Arias signed reform for the Law of Free Trade Zones

President of Costa Rica Oscar Arias Sanchez

Now for the norm to start working it is necessary for it to be published in La Gaceta, the official Costa Rican newspaper.

According to presidency spoke people, at this moment is impossible to say when the publication is coming out, but they warn that it is possible to have a delay because the National Print is giving priority for the February 7 Election ballots.

After several changes and legislative discussions, the new legislation added a category of beneficial enterprises of the manufacturing sector with new incentives and clear rules, to give them more judicial security.

Besides, it lined up the country with the Agreement of Subsidy and Compensatory Measures from the World Trade Organization (WTO).

Before the reform the law determined the joy of the benefits of the free trade zones to export at least 75% of the production and the WTO rejects it.

According to the Costa Rican Chambers and Associations Union of the Private Enterprise Sector (Uccaep, in Spanish) data, the Free Trade Zones generate more than 53,000 direct jobs an collaborates with 100,000 positions of an indirect way.

La Nación newspaper reported that the exports of the free trade zones decreased 9% the last year.

In 2009, there were $4,623 millions placed, while in 2008 there were $5,072.

Pending Regulation

Also, this new legal body requires the approval of a regulation for its execution which possible release date is unknown, but according to Marco Vinicio Ruiz, Commerce Minister, it will be done before this government finishes its period.

The regulation norm is in the discussion process of different sectors.

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