Czech Chamber of Deputies on Wednesday approved the ratification of the Comprehensive Economic and Trade Agreement (CETA) between the European Union and its member states and Canada.
Eighty-five out of the 132 MPs present voted for CETA.
The agreement removes most duties and fees that restrict trade between EU countries and Canada. It also helps to make Czech entrepreneurs more active on the Canadian market.
Czech Industry and Trade Minister Jiri Havlicek said the agreement will boost Czech export and open Czech firms' access to public contracts on the federal and municipal level in Canada.
CETA, according to experts, could bring about a rise of one-fifth in trade between the EU and Canada. The EU estimates that the application of the treaty would increase mutual trade by up to 324 billion crowns (14.81 billion U.S. dollars) annually. It should also promote economic growth and help create new jobs.
But critics say it may jeopardize thousands of jobs, which is denied by EU experts who refer to a number of independent studies.
In its report, the Czech government said that the final form of the CETA agreement reflects Czech priorities as much as possible. After the transition period, industrial commodities will be exported duty free, and the customs of Canada's agricultural and food commodities will drop up to 94 percent.
The European Parliament approved the agreement in mid-February. Czech Senate approved it in April.