World Bank ready to support DR-CAFTA implementation

19 Oct '07

1 min read

World Bank President Robert B. Zoellick pledged the Bank's support to Costa Rica as it moves to participate in the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA).

Following the country's recent vote endorsing DR-CAFTA, Mr. Zoellick congratulated Costa Rican President and Nobel Peace Prize winner Oscar Arias and the people of Costa Rica in a letter. He said:

“I personally witnessed the key role you played Mr. President, since the early stages of the DR-CAFTA- process. We are ready to support your government with the implementation and full use of the accord for the benefit of all Costa Ricans. I have asked my colleagues to actively follow up with your implementation team.”

According to World Bank research, regional trade agreements can make important contributions to a country's efforts to achieve economic growth and overcome poverty. Costa Rica is well placed to benefit from more open trade because of its strong institutions and high level of education.

Mr. Zoellick, who played an active role in launching and negotiating DR-CAFTA in the past, will meet with Costa Rican Finance Minister Guillermo Zuniga and other Central American finance ministers to discuss implementation during the Annual Meetings of the World Bank and the IMF this weekend.

World Bank

More World Bank News...