Costa Rica and Ecuador sign trade agreement

Costa Rican president Rodrigo Chaves and his Ecuadorian counterpart Guillermo Lasso signed a trade agreement between their two countries Wednesday in San Jose.

Such an agreement is a nod toward "the path of open trade" in the face of protectionist tendencies, Chaves said.

The deal focuses on goods exports, plus facilitating discussions on best practices for gender-related issues in trade, workers' rights, environmentalism and corporate responsibility, according to a statement from the Ecuadoran presidency.

And according to Chaves, who took office in May last year, the accord is proof of both presidents' shared "ideal that the private sector should generate wealth along with the public sector."

"What we have signed today means more Costa Rica in Ecuador and more Ecuador in Costa Rica," Lasso said, praising the employment opportunities he said the trade agreement would bring to his country.

The plan will offer preferential access to 97 percent of Ecuador's exports to Costa Rica, including paper, textiles and fishing products, among others, according to a statement from the Ecuadoran presidency.

Costa Rican products covered under the agreement include raw materials such as steel and iron, along with medical supplies, reports UNB.