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EVFTA to help Vietnam, Czech Republic boost economic ties

Czech experts have shared their views that the EU-Vietnam Free Trade Agreement (EVFTA) will bring about great opportunities for Vietnam and the Czech Republic to expand their economic and trade ties.

Lucie Vondrackova, Director of the Department of Trade Policy and International Economic Organisations under the Czech Ministry of Industry and Trade, the removal of over 99 percent of tariff on goods from Vietnam and the EU after the EVFTA comes into force will facilitate the Czech Republic’s export of garments-textiles, glass, auto, mechanics, electronic techniques, food and chemicals.

Besides, the agreement will help Czech businesses ensure product origin and access the market in the sphere of services, especially those regarding tourism, finance, environment and electricity and fuel distribution, she added.

The deal not only covers economic issues but also opens up a new chapter of sustainable development, with high standards set for environmental protection and rights of laborers and consumers.

In this regard, she lauded Vietnam’s efforts in fighting illegal, unreported and unregulated (IUU) fishing to fulfil environmental protection standards.

Vondrackova stressed that the signing of the EVFTA will materialise the EU’s priority policy of accessing the Association of Southeast Asian Nations (ASEAN) market as the ten-member group is the EU’s third largest trade partner.

Of note, she said, the EVFTA has been seen as a model of a FTA signed between the EU and a developing country, and would be an example for FTA negotiations between the EU and other ASEAN member countries like Indonesia.

Borivoj Minar, Vice President of the Czech Chamber of Commerce, said Vietnam and the Czech Republic have favourable conditions to enhance their economic and trade links in the context that the EVFTA will be signed, approved and put into place.

The deal will help to boost trade growth between Vietnam and the EU and the Czech Republic in particular, he said, emphasising that the Czech Republic has strength and stands ready to cooperate with Vietnam in machine manufacturing, mining, food and agriculture produce processing, and beer production.

Meanwhile, Jan Petr Roman from the Czech Ministry of Agriculture said the EVFTA will enable Vietnam and the Czech Republic and the EU in general to access the market of each other effectively, improve institutions and increase trade flows, covering the fields of agriculture and food.

This would positively affect the Vietnam-Czech relationship, he said, noting that during Prime Minister Nguyen Xuan Phuc’s visit to the Czech Republic last April, Czech leaders showed their support for the early signing and ratification of the EVFTA and the EU-Vietnam Investment Promotion Agreement (EVIPA).-VNA/VNP