India and Costa Rica conducted their first Joint Economic and Trade Committee (JETCO) meeting virtually on July 6-7, 2026. The meeting was co-chaired by Joint Secretary of the Department of Commerce, Ministry of Commerce & Industry, Shri Vimal Anand, from the Indian side, and General Director of Foreign Trade, Ms. Adriana Castro, from the Costa Rican side.
During the meeting, both nations reviewed their bilateral trade and investment relations, noting with satisfaction that bilateral merchandise trade reached approximately USD 391 million in the 2025-26 period, representing steady growth. The discussions focused on exchanging views on respective trade and investment regimes and identifying opportunities to further expand trade and investment flows between the two countries.
The parties exchanged information on their standards, accreditation, certification, and regulatory frameworks, exploring cooperation areas including standards development, conformity assessment, food safety, pharmaceutical regulation, and export certification to facilitate trade and reduce technical barriers. India highlighted its strengths and identified enhanced cooperation opportunities in pharmaceuticals, digital technologies, manufacturing, and innovation. Costa Rica presented an overview of the Central American trade integration regime and shared its experience in regional trade negotiations.
The JETCO mechanism was established under the Memorandum of Understanding on Economic Cooperation between India and Costa Rica and serves as the principal institutional mechanism for reviewing bilateral trade and investment relations. Both sides agreed to strengthen business-to-business engagement, promote institutional cooperation, and encourage regular interactions between concerned ministries, regulatory authorities, and industry stakeholders. They reaffirmed their commitment to deepening bilateral economic ties and agreed to utilize JETCO as a key platform for advancing trade, investment, and sectoral cooperation.