It said the EU-Vietnam Free Trade Agreement (EVFTA) entered into force on August 1, after eight years of negotiations, gradually eliminating up to 99% of all mutual duties.
"This opens up new opportunities for the Czech Republic in the rapidly growing market of almost one hundred million in the attractive region of Southeast Asia. In contrast to current protectionist trends, the agreement can be seen as a positive signal towards open international trade based on rules," Deputy Prime Minister and Minister of Industry and Trade Karel Havlíček was quoted as saying.
"According to preliminary estimates, 100 million Czech crowns, an even higher amount will be saved by the removal of non-tariff barriers. The biggest opportunities will open up for Czech companies in the automotive, engineering and electrical engineering industries,” he added.
The newly agreed framework has the potential to revive trade between the Czech Republic and Vietnam, which is currently the Czech Republic's 25th largest trading partner in the world.
Vietnam is one of the fastest growing economies in the world, the article said, adding that the country's economy has grown steadily by 6-7%a year over the past decade.
In addition, Vietnam has a young, active population, which gives its economy the potential for further rapid prosperity.
The newly agreed trade framework has the potential to develop trade relations between the two countries, the article said.
The Czech Ministry of Industry and Trade affirmed that it is ready to advise entrepreneurs.
* The EVFTA strengthens EU economic links with Southeast Asia and will potentially contribute to its recovery after the coronavirus crisis, moderndiplomacy.eu quoted an EU official as saying in a story published on August 3.
The EVFTA will also make it easier for European companies to do business in Vietnam, according to the site. They will now be able to invest and pitch for government contracts with equal chances to their local competitors, it said.
According to moderndipmacy.eu, the EVFTA is the most comprehensive trade agreement the EU has concluded with a developing country.
"Trade agreements, such as the one becoming effective with Vietnam today, offer our companies a chance to access new emerging markets and create jobs for Europeans. I strongly believe this agreement will also become an opportunity for people of Vietnam to enjoy a more prosperous economy and witness a positive change and stronger rights as workers and citizens in their home country,” the site quoted President of the European Commission Ursula von der Leyen as saying.
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