Although many still don’t believe it to be true, Brexit is happening. Current British Prime Minister Theresa May triggered the famous Article 50 of the Treaty on European Union on 29 March by sending the letter to the European Council President Donald Tusk. This step officially starts the process of the United Kingdom leaving the EU and both parties have to decide what kind of relationship they want to establish.
The negotiations will be twofold; firstly it will be necessary to negotiate the “divorce” conditions of the UK leaving the EU and secondly, the deal setting up future relationship of the two – the so-called free trade agreement (FTA). During the early discussions after triggering the article 50, the United Kingdom expressed its interest to negotiate an FTA that would be larger and more important than any other FTA of the EU so far, covering all the key sectors, including financial sector. The United Kingdom is one of the most important markets of the EU and therefore it is clear that mainly European companies are worried about the future relationship. Therefore Czech, as well as European business organizations call on the EU and UK representatives to negotiate such conditions that will ensure smooth transition from current status to new reality.
Czech business organizations support setting up the closest economic relationship possible, without creating unnecessary and burdensome trade barriers. Free trade between the two is the utmost priority while safeguarding » read more «
At the beginning of the year, the European Commission presented its Communication on Building a European Data Economy, which was accompanied by the Staff Working Document on the free flow of data and emerging issues of the European data economy.
The document focused on restrictions that prevent free flow of data both in the EU and outside of it, transfer and access to non- personal machine-generated data, portability of data etc. At the end of March, the Permanent Representation of the Czech Republic to the EU hosted an event called Data flows: heartbeat of the digital single market that brought together representatives of member states, European institutions, business organizations and other stakeholders to discuss this key topic for creating a truly digital single market in the EU.
According to the European Commission’s representative Pearse O’Donohue, forced data localization on the single market is one of the biggest obstacles to a digital single market. If the EU manages to » read more «
At the beginning of March, the European Commission released a White Paper on the Future of Europe: Reflections and scenarios for the EU27 by 2025. The document identifies challenges in the next decade and offers 5 scenarios for the EU evolution by 2025.
Scenario 1 represents a carrying on, scenario 2 means that the EU will gradually re-centre on the Single Market, scenario 3 means that those who want more do more, scenario 4 gives the EU the possibility doing less more efficiently and last scenario » read more «
The current and expected development in different spheres of EU economic policies represents a big challenge also for the Czech Republic and more generally for the Visegrad-4 countries as well. The Czech Republic so far seems to be a very successful player in reaction to the co-ordinated economic policy steps within the process of the European Semester. Even in November 2016, at the launch of the European Semester cycle for 2017, the Czech economy had absolutely best results among all the EU Member states concerning the level of their macroeconomic, fiscal and structural imbalances.
However, » read more «
The Czech Chamber of Commerce is preparing a digital tool for entrepreneurs that will allow them to manage their legal obligations online. The tool should be operational as of 2018.