Czech Republic’s House of Representatives ratifies EVIPA

Saturday, 2020-02-15 12:29:13
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Under the EVFTA, Vietnam will cut import tax by 65% for EU commodities directly after the deal takes effect. (Photo: VNA)
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NDO – ČT24, a television channel of the Czech Republic, on February 13 said that the House of Representatives of the country have passed a resolution supporting a number of international agreements, including the EU - Vietnam Investment Protection Agreement (EVIPA). At the end of January, the Senate of the Czech Republic ratified this agreement.

The Czech Government assessed that this agreement, together with and the EU - Vietnam Free Trade Agreement (EVFTA), will contribute to liberalise the investment environment and strengthen economic and trade cooperation with Vietnam.

According to statistics of the Czech Government, companies of this country have so far invested in 34 projects in Vietnam, with a total value of US$90 million. The most concerned areas are banking and manufacturing, while tourism is also considered a promising potential area.

The European Parliament on February 12 ratified the EVFTA and the EVIPA. The EVFTA is expected to create a major push for Vietnam’s exports, helping to diversify the country’s exports and markets. Under the agreement, Vietnam will cut import tax by 65% for EU commodities directly after the deal takes effect, while the rest will be erased in a 10-year period.

Meanwhile, the EU will cut more than 70% of tariffs on Vietnam’s commodities when the deal takes effect, while the rest will be abolished over the seven subsequent years.

The two documents were signed in Hanoi on June 30 last year. They include intensive, extensive and comprehensive commitments covering the fields of economy, trade, investment and sustainable development issues.