Trade and investment ties between the Philippines and Czech Republic are expected to improve following the signing of a bilateral deal.
The PH-CZ Agreement on Economic Cooperation was signed on Monday by Trade Secretary Ramon Lopez and Czech Ambassador to Philippines Jaroslav Olša, Jr.
Specifically, the Philippines could increase exports of mid-priced apparel to the Czech Republic given rising demand. There are also potentials for frozen marine products, dried fruits, and vegetables, which are eligible under the European Union GSP+ scheme.
The Philippines is already pursuing a free trade agreement (FTA) with the EU and officials said the agreement with the Czech Republic was aligned with the government’s strategy of rebalancing trade relations with non-traditional partners with an independent foreign policy.