The inclusion of digital products and electronic commerce as a product category in bilateral trade is the most significant achievement of Costa Rica's recent free trade agreement with Singapore, according to Costa Rica's IT and telecoms chamber Camtic.
Chapter 12 of the agreement is titled "Electronic Commerce," in which digital products are formally recognized as a category, as is the objective to promote this type of trade between the countries.
Through a government press release, Camtic said Singapore will be an excellent trade facilitator, as it has the fourth-most sophisticated and competitive digital ecosystem in the world and the first in Asia, while also boasting the best e-government strategy.
Additionally, Singapore could be used as a logistics platform for digital services, while at the same time opening up the possibility for Costa Rica's digital sector to export new products to a market of high purchasing power and highly sophisticated technology that pays for quality.
According to Camtic president Alexander Mora, electronic trade should be included in all free trade agreements signed by Costa Rica, due to the country's potential to grow by way of digital products and services.