India and Costa Rica hold the First Joint Economic and Trade Committee (JETCO) Meeting
India and Costa Rica held their first Joint Economic and Trade Committee meeting, focusing on bilateral trade relations, investment opportunities, and regulatory cooperation to enhance economic ties.
Quick Revision
Prelims-testable facts
- 01The First Joint Economic and Trade Committee (JETCO) Meeting between India and Costa Rica was held virtually on 6-7 July 2026.
- 02The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce & Industry, Shri Vimal Anand from India and General Director of Foreign Trade, Ms. Adriana Castro from the Republic of Costa Rica.
- 03Bilateral merchandise trade between India and Costa Rica grew to approximately USD 391 million in 2025-26.
- 04The JETCO serves as the principal institutional mechanism for reviewing bilateral trade and investment relations between India and Costa Rica.
- 05The Memorandum of Understanding on Economic Cooperation between India and Costa Rica established the JETCO under its framework.
- 06Both sides agreed to strengthen business-to-business engagement, promote institutional cooperation, and encourage regular interactions between concerned Ministries, regulatory authorities, and industry.
Trap alerts
- Most people think that the First Joint Economic and Trade Committee (JETCO) Meeting was a bilateral agreement between India and Costa Rica, but actually it was established under the Memorandum of Understanding on Economic Cooperation.
- Most people think that the JETCO Meeting focused solely on trade, but actually it also discussed opportunities for investment and cooperation in areas like standards development and pharmaceutical regulation.
Prelims Practice MCQs
The 1st Meeting of the India-Costa Rica Joint Economic and Trade Committee (JETCO) was held on which dates?
- A.6-7 April 2026
- B.6-7 July 2026
- C.1-2 June 2025
- D.15-16 August 2024
The correct dates for the meeting are 6-7 July 2026. This is a significant event in India-Costa Rica economic cooperation.
Consider the following statements regarding Bilateral Trade and Investment Relations: 1. The first meeting of JETCO was held on July 1, 2026. 2. The bilateral merchandise trade between India and Costa Rica reached USD 391 million in 2025-26. 3. The Indian side highlighted its strengths in digital technologies during the JETCO meeting. How many of the above statements are correct?
- A.Only one
- B.Only two
- C.All three
- D.None
Statement 1 is incorrect because the first meeting of JETCO was held on July 6-7, 2026. Statement 2 is correct as it matches the information provided in the text. Statement 3 is correct as it accurately reflects the discussion during the JETCO meeting.
Consider the following two statements: Statement-I: The bilateral merchandise trade between India and Costa Rica reached USD 391 million in 2025-26. Statement-II: This increase in bilateral merchandise trade can be attributed to the efforts of the Indian side to enhance cooperation with Costa Rica in pharmaceuticals, digital technologies, manufacturing, and innovation. Which one of the following is correct in respect of the above statements?
- A.Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
- B.Both Statement-I and Statement-II are correct but Statement-II is not the correct explanation for Statement-I
- C.Statement-I is correct but Statement-II is incorrect
- D.Statement-I is incorrect but Statement-II is correct
Statement 1 is correct as per the text. Statement 2 is incorrect because it inaccurately attributes the increase in bilateral merchandise trade to the efforts of the Indian side, whereas the text actually mentions that both sides reviewed their respective trade and investment regimes.