Once the EVFTA comes into force, the EU will eliminate import duties on nearly 86 percent of tariff lines for Vietnam and over 99 percent after seven years.

The Chamber ofDeputies (Lower House) of the Parliament of the Czech Republic has passed aresolution supporting some international agreements, including the EU-VietnamInvestment Protection Agreement (EVIPA), according to public broadcaster ČeskáTelevise.

The EVIPA was adopted by the Czech Senate inlate January this year.

The Czech government evaluated that the EVIPA,along with the EU-Vietnam Free Trade Agreement (EVFTA), will contribute to theliberalisation of investment environment and enhancement of economic and tradecooperation with Vietnam.

According to statistics of the Czech government,Czech companies have so far invested in 34 projects worth 90 million USD inVietnam, focusing on banking and production. Tourism is also a promising area.

The European Parliament (EP) on February 12 approvedthe EVFTA and EVIPA at a plenary session in Strasbourg, France.

These are important decisions that were muchexpected by 27 EU member states and Vietnam, especially the business community,after nearly eight years since the two sides started negotiating the EVFTA inJune 2012.

Once the EVFTA comes into force, the EU willeliminate import duties on nearly 86 percent of tariff lines for Vietnam and over99 percent after seven years.

Vice versa, Vietnam will remove import duties on48.5 percent of tariff lines for the EU, 91.8 percent after seven years, and98.3 percent after 10 years./.