The opponent of Nobel Peace Prize laureate Oscar Arias has conceded defeat on Friday in Costa Rica's presidential election, after weeks of bickering following an extremely close vote count.
Otton Solis of the Citizen Action Party admitted that Arias, president of Costa Rica in the late 1980s, has won the election held on February 5.
Solis had challenged the results earlier, which gave Arias a narrow victory, but gave up the fight after electoral authorities rejected of complaints of irregularities.
"The country needs clarity. Oscar Arias will be president as of May 8," Solis said. Arias is a moderate who supports free trade with the United States.
Many in Costa Rica believe the close election victory could make it harder for him to win approval for the controversial Central America Free Trade Agreement, or CAFTA, with the United States.