PH, Czech Republic boost economic ties

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Trade and investment ties between the Philippines and Czech Republic are expected to improve following the signing of a bilateral deal.

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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.

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