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TTIP could bring Slovak economy €3.6 billion a year, says PAS
18 Jun 2014 Flash News
THE EMERGING free-trade agreement between the EU and the US - the Transatlantic Trade and Investment Partnership (TTIP) - will bring many positives for a small and open economy like Slovakia’s, said Slovak Business Alliance (PAS) director Róbert Kičina on June 17.
“If transatlantic trade is fully liberalised, it is expected that Slovakia’s GDP could increase by 3.96-4.22 percent [per year],” Kičina said, as quoted by the TASR newswire, adding that earnings could go up by 2.57 percent and exports and imports by 3 percent.
Another benefit would be an increase in employment by 1.19 percent, as the treaty would contribute towards creating 27,600 new jobs. Overall, the treaty would bring the Slovak economy as much as €3.6 billion [per year].
PAS, in cooperation with the US Embassy in Slovakia, carried out a survey among entrepreneurs aimed at identifying opportunities and possible disadvantages related to the treaty. More than half of the 453 entrepreneurs who took part in the survey said that the treaty will bring new business opportunities and help revive Slovakia’s economy.
“According to entrepreneurs, the most significant contribution of the TTIP will be an increase in the number of business partners, an intensification of foreign trade and a simpler transfer of know-how and technologies,” TASR quoted Kičina as saying.
Conversely, Slovak entrepreneurs most frequently fear more intense competition.
Compiled by Michaela Terenzani from press reports.
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