Philippines, Czech Republic Ink Economic Cooperation Deal

The Philippines and the Czech Republic target to enhance bilateral trade and investments as the two countries inked an economic cooperation deal.

The Department of Trade and Industry (DTI) said Tuesday that Secretary Ramon Lopez and Czech Ambassador Jaroslav Olša, Jr. signed the Philippines-Czech Republic Agreement on Economic Cooperation on July 31.

The agreement will open for joint discussions to determine which sectors the two countries should boost the cooperation.

“What we are having here is a milestone between our two countries. The strengths and resources complementarities have long been untapped. It is our desire to be with alternative markets and forge new partnership,” Lopez said.

The DTI chief cited that the Philippines and Czech Republic can look at areas of technology-oriented industries, auto and aerospace parts, electronics, agri-based, energy, transportation, and tourism for cooperation.

Lopez also encouraged the envoy to look into engaging Filipino micro, small, and medium enterprises (MSMEs) with the economic cooperation deal.

Filipino MSMEs and other enterprises can also take advantage of exporting to Czech market with the European Union Generalized Scheme of Preferences Plus (EU GSP+) that provides zero duty to over 6,274 goods entering the EU market.

Moreover, the signed deal will also pave way for a Joint Economic Cooperation between the two countries. (KMC/PNA)