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Easing transatlantic trade will also bolster the Czech Republic

 

Článek náměstka Martina Tlapy pro E15 Weekly ze dne 3.11.2014.

The Transatlantic Trade and Investment Partnership (TTIP) is the name of the agreement being negotiated between the EU and US that aims to liberalise trade and investment between the two blocs. In June 2013, EU member states approved a negotiations directive, giving the European Commission the green light to initiate formal bilateral trade negotiations with the US. These began in July 2013; the most optimistic variations estimate that they could be completed within two years. In the week starting 29 September, 2014, the seventh round of negotiations was undertaken. One more is expected for this year. TTIP is founded upon the fact that the US and EU amount to the world’s greatest traders and investors in general, both with respect to each other, and for the majority of other nations. Each year, overall trade levels between the EU and US climb to around EUR 798bn. Each day, the trading of goods and services between the EU and US represents a value of roughly EUR 2bn, while total mutual direct investments have hit EUR 3 trillion. However, the future potential for such mutual trade and investment is far from exhausted.

The Czech government welcomes the idea of a TTIP being signed. Within the negotiations, it is placing emphasis on ensuring that all Czech economic interests are given sufficient consideration. These primarily centre on removing key trade barriers relating to goods and services moving between the Czech Republic, as an EU member, and the US. Complicated administrative and non-tariff-related obstacles represent a barrier to trade - specifically in the form of varying technical systems standards, certifications, homologation, and general regulatory mechanisms. The Czech Republic will push for talks on non-tariff obstacles to chiefly centre on promising sectors, meaning automobile manufacturing, healthcare technology, engineering and pharmaceuticals. Products from these sectors represent a substantial proportion of our trade with the US.

Studies of the Centre for Economic Policy Research (CEPR) and the Bertelsmann Foundation rank the Czech Republic among the nations where the impact of the mutual trade agreement would not be felt significantly. And to the degree that it would be, the impact is forecast to be positive.

Bertelsmann estimates that if the deal is signed Czech GDP could grow, taking into account possible final variations, by anywhere from 0.17-2.58 percent. In practice, this would mean the creation of between 6-22,000 new jobs.

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