If US President Donald Trump were to impose tariffs on European car makers,
the Czech economy would suffer a loss of approximately 26 billion crowns
and an estimated 25,000 people would lose their jobs, which is 0,5 percent
of all employees.
The figures, cited by the news site ihned, were released by the Vienna Institute of Economic Studies. According to an assessment by the Czech Trade and Industry Ministry tariffs could hit Czech exports to the US to the tune of 750 million euros or 20 billion crowns.
The possible impact of a trade war between Europe and the US is expected to dominate talks between US President Donald Trump and Czech Prime Minister Andrej Babiš at the White House on March 7th.
In a bid to help smaller Czech brewers of traditional-style lagers gain a foothold in the United Kingdom – a discerning beer-loving nation if there ever was one – state agency CzechTrade has teamed up with major British distributors on a pilot project introducing a new category: ‘Bohemian Real Lager’.
As the United Arab Emirates continue to lower their country’s economic dependency on oil, new opportunities are on the rise. Czech companies, for whom the UAE are the biggest trading partner in the Persian Gulf, see the upcoming EXPO 2020, a Universal Exposition to be held in Dubai in two years’ time, as a great opportunity to extend trade relations. This week saw a special trade mission, made up of Czech companies, travel to the UAE and explore prospective business deals.
In recent years, Czech two way trade with the United Kingdom has advanced by leaps and bound. The country was already the fourth biggest Czech trade partner two years ago in 2015, following first placed Germany, Slovakia, and just trailing Poland in third place. But the current trading environment for Czechs in Britain is a tough one.
India with its population of around 1.4 billion and growth rate for 2016 of just over 7.0 percent is clearly an appetising market for anyone. But it’s sheer size, reputation for bureaucratic obstacles, and the time and expense of opening markets also makes it a daunting challenge for most exporters.
CzechTrade, the government agency tasked with boosting Czech exports, has just gathered most of its around 50 top representatives from outposts all around the world together in Prague. The purpose was to give bosses from Czech companies the chance to be briefed about export opportunities and overall economic conditions in the countries where it’s located.
A Nigerian arms dealer being investigated for suspected corruption over arms deliveries for the fight against the terrorist group Boko Haram has bought a 50 million crown luxury penthouse apartment in Prague, according to the news server Seznam. It said that 43-year old Hima Aboubakar bought the flat at Prague Libenský Ostrov last year. His company, SEI, is being investigated over an alleged US 930 million dollar scam surrounding arms deliveries to the Nigeria army which according to some reports never took place.
The Trade and Industry Ministry is preparing an amendment to the law which would give Czech trade inspectors greater powers and greater protection in performing their duties. The ministry wants them to be able to operate undercover and to have the right to force their way into locked storage facilities if they suspect there are fake goods in storage. The ministry says the proposals would significantly increase the efficiency of undertaken controls.