Why in News?
India and Costa Rica held the first Joint Economic and Trade Committee (JETCO) meeting virtually on 6 to 7 July 2026 to deepen bilateral trade and investment ties.
Key Highlights
- Bilateral merchandise trade reached USD 391 million in 2025-26.
- Both sides reviewed trade, investment, and regulatory frameworks.
- Cooperation areas include:
- Standards and certification
- Food safety
- Pharmaceutical regulation
- Export certification
- India highlighted opportunities in pharmaceuticals, digital technologies, manufacturing, and innovation.
- Costa Rica shared its experience in Central American regional trade integration.
What is JETCO?
- A bilateral mechanism established under the MoU on Economic Cooperation.
- It reviews trade and investment, resolves trade issues, and promotes business, regulatory, and institutional cooperation.
Significance
- Strengthens India’s engagement with Latin America.
- Facilitates trade by reducing non-tariff barriers.
- Expands opportunities in high-value sectors and innovation.
Prelims Facts
- Capital: San José
- Currency: Costa Rican Colón
- Region: Central America
- No standing army since 1948.
[2023] Which one of the following countries has been suffering from decades of civil strife and food shortages and was in news in the recent past for its very severe famine?
[A] Angola
[B] Costa Rica
[C] Ecuador
[D] Somalia