TTIP could bring Slovak economy €3.6 billion a year, says PAS

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.

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.

Source: TASR

Compiled by Michaela Terenzani from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information
presented in its Flash News postings.

Top stories

Finance Minister Peter Kažimír

Draft budget curtails deficit below 2 percent

THE BUDGET deficit should continue decreasing in following three years, according to the first public administration budget draft introduced by the Finance Ministry on July 23.

Crash site

New facts about fatal helicopter crash emerge

THE THREE members of a military helicopter MI-17 crew were training winching up people into helicopter with the help of a rope not practicing landings, when they crashed on July 28 afternoon near Prešov.

Stanislav Boledovič

Teach for Slovakia chief talks education reform

STANISLAV Boledovič, the founder of the Teach for Slovakia project, believes that it helps socially disadvantages children succeed.

Police President Tibor Gašpar

Harabin releases third convicted police officer

Another police officer convicted for corruption was released by the appellate senate chaired by Štefan Harabin with the argument that the police inspectorate that investigated his case is unlawful. The former…