Negotiations between Canada and Costa Rica were launched on June 30, 2000. Seven rounds of negotiations took place. Negotiations were concluded in April 2001 and the agreement was signed on 23 April 2001 in Ottawa, Canada.
In addition to the Free Trade Agreement, on 21 March 2001, Canada and Costa Rica issued a joint statement on global electronic commerce.
On 27 August 2010, after 8 years of the entry into force of the agreement, both countries agreed to work toward modernizing the
existing bilateral free trade agreement. The process was scheduled to begin in November 2010. Canada and Costa Rica announced the launch of negotiations to modernize their existing free trade agreement on August 11, 2011. The first round of negotiations to expand the FTA began on 07 November 2011 in Ottawa, Canada. The second round of negotiations
took place in San José, Costa
Rica, from 6 to 10 February 2012. The third round began on 17 April 2012. The fourth round was held on 11-14 June 2012, both rounds took place in San Jose as well. The fifth round of negotiations took take place in Ottawa, in September 2012.