Vietnam's aquatic products on sale at a supermarket in Ustí nad Labem city, the Czech Republic (Photo: VNA) Prague (VNA) – The European Parliament (EP)’sratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-VietnamInvestment Protection Agreement on February 12 has been applauded in the CzechRepublic.
Czech member of the EP and EP Vice PresidentDita Charanzova welcomed the ratification, saying the European Commissionsuccessfully negotiated a high-quality agreement.
She held that the EVFTA will create conditionsfor opening a new market for Czech companies, and a trade agreement with acountry like Vietnam is important to an export-oriented economy like the CzechRepublic.
She noted Vietnam is a traditional trade partnerof her country, and the deal provides considerable advantages for Czech firmsin trade competition.
Sharing the view, some economic experts of theCzech Republic believed that the EVFTA will generate big opportunities for thetwo countries to expand bilateral economic and trade ties as under thisagreement, almost all tariff barriers will be gradually removed. This will helpCzech businesses to boost exports in the fields they have strength in liketextile-garment, glass, automobile, mechanics, electronic technique, food andchemical manufacturing.
According to the Czech Republic’s ForeignMinistry, the EVFTA will help increase the country’s exports of mechanicalproducts to Vietnam by over 30 percent in the next few years, and Czechenterprises will also have chances to engage in public procurement in Vietnam.
Vice President of the Czech Chamber of CommerceBorivoj Minar said the EVFTA will bring about important benefits to Czechbusinesses since about 85 percent of the country’s exports to Vietnam will besubject to tax exemptions. Besides, it will also help Vietnamese companies toboost shipments to the EU nation.
Reporting on the EVFTA ratification by the EP,Czech media like TV broadcaster Česká televize, economic newspaper Hospodárskenoviny and news website Novinky.cz highlighted the pact’s significance to andbenefits for the economy of the EU, as well as the Czech Republic. They notedthat when coming into force, the EVFTA will provide conditions for expandingtrade and promoting employment and economic growth in both sides through thegradual elimination of 99 percent of tariff lines./.
VNA
